Search Inside Bitcoins

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

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

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: 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.

Join Our Telegram channel to stay up to date on breaking news coverage

Read next