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Bitcoin Price Prediction: BTC/USD Erases Yesterday’s Gain; Trades Below $9,000

Bitcoin (BTC) Price Prediction – May 3

BTC/USD saw a 1.39% price decline over the past 24 hours as the cryptocurrency fails at $9,212 and heads lower.

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

Key levels:

Resistance Levels: $10,400, $10,600, $10,800

Support Levels: $7,400, $7,200, $7,000

BTCUSD – Daily Chart

BTC/USD loses its momentum after touching key resistance above $9,200. As of writing, the pair was down 1.39% on the day at $8,860 trading around the upper boundary of the ascending channel. Meanwhile, looking at the daily chart, Bitcoin is struggling to close above $8,900 and it couldn’t, but once it does this, it should be free to rise well above $9,000 in the next positive directions.

However, we can see that in yesterday’s trading session, BTC/USD was unable to close above the resistance at $8,980. The coin has really been struggling to break this region over the past 5-days of trading. Moreover, in today’s session, the coin attempted to push higher as it reached $9,212, but the sellers then stepped in and push the coin lower to reach the current level at $8,860.99.

Nevertheless, $8,300 serves as the nearest support level, which may likely make room for the coin to fall further with the supports of $7,400, $7,200, and $7,000. The RSI (14) for the coin is still within the overbought zone to indicate an upward movement. More so, BTC/USD may likely see the resistance levels of $10,400, $10,600, and $10,800 if it crosses above the channel.

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

On the 4-Hour chart, BTC price hovers around $8,873 and may take time to persistently trade above $9,000. More so, if the bulls gather enough strength and regroup, the upward movement may be able to near the $9,400 and $9,600 resistance level.

BTCUSD – 4 Hour Chart

However, on the downside, immediate support is around the $8,600 level while the main support is at the $8,500 level. The price may likely fall below $8,400 if the bears step back into the market, a further movement could reach the critical support at $8,300 level. Technically, BTC/USD is currently moving in sideways while the RSI (14) moves around 55-level, indicating an indecisive in the market movement.

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.