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Bitcoin Price Prediction: BTC/USD Embarks on a Recovery as the Price Touches $8,986

Bitcoin (BTC) Price Prediction – May 2

BTC/USD is on track for having a second bullish day in a row as the bulls took the price up from $8,600 to $8,986.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $10,300, $10,500, $10,700

Support Levels: $7,500, $7,300, $7,100

BTCUSD – Daily Chart

The bulls are intentional about finding higher support for BTC/USD. This battle comes after the coin tried and failed to extend gains past $9,442 which happens to be the last month high. The Bitcoin price is back under $9,000 and currently exchanging hands at $8,966. More so, the coin is also seen trading above the 9-day and 21-day moving averages.

Meanwhile, as long as the 9-day remains above the 21-day MAs, traders can expect BTC to consolidate at higher levels. That’s if we could see a further climb above the $9,000 which is fast approaching; it may likely reach the resistances at $10,300, $10,500, and $10,700. Nevertheless, the critical support level to watch for lies at $7,500, $7,300, and $7,100 respectively.

Currently, the Bitcoin price follows a dominant bullish bias. A glance at the technical indicator RSI (14) displays a positive picture of the coin in the near-term. Besides, maintaining a gradual upward slope in the overbought zone, the technical indicator is increasing as a signal for growing buying entries.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

The 4-hour chart reveals that BTC/USD trades within the range of $8,604 to $9,067. Although the pair have not yet slipped below $8,800 since the opening of the market today and the coin is in the loop of making a bounce back. Currently, the Bitcoin (BTC) is trading around $8,927 and may likely trade above $9,000 level before the end of the day. The further bullish movement could reach $9,500 and above.

BTCUSD – 4 Hour Chart

Nevertheless, the immediate support is around the $8,500 level while the main support is located at the $8,400 level. If these supports failed, the coin may likely hit the critical support at $8,300 and below. Technically, Bitcoin is currently moving in sideways as the RSI (14) moves around 64-level.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.