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Bitcoin Price Prediction: BTC/USD Nosedives Towards $8,500; Price May Return to Red Zone

Bitcoin (BTC) Price Prediction – May 4

Today, the Bitcoin price loses traction after hitting $9,000; losses likely to continue in the near term.

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

Key levels:

Resistance Levels: $9,900, $10,100, $10,300

Support Levels: $7,700, $7,500, $7,300

BTCUSD – Daily Chart

Looking at the daily chart, it can be easily seen that the market is back in the red zone as BTC/USD is posting minor losses of 0.55% on the day after commencing the trading at $8,945. It has an intraday high of $9,000; although the world’s largest crypto touches the support level of $8,468 before going back to where it is currently trading at $8,860.

However, Bitcoin just plunged below $8,894 one more time, marking $8,468 as the current daily low at the moment. Does this mean that Bitcoin (BTC) is finally leaving the significant $9,000 level and searching for a new low? Nevertheless, looking at the declining daily volume candle, together with the steady but stable recent Bitcoin price action, it can be assumed that a stronger move may be coming up soon into the market.

Moreover, as at the time of writing, BTC/USD is struggling to maintain the $8,800 level and if the coin follows the downward trend as the RSI (14) is about leaving the overbought zone, the next supports may likely come at $7,700, $7,500 and $7,300. From the upside, by maintaining the current level $8,860 and further movement could go above the upper boundary of the ascending channel to send the price to the resistance levels of $9,900, $10,100 and $10,300 which will be well above the channel.

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

On the 4-Hour chart, BTC price hovers below the 9-day and 21-day moving averages around $8,861 which may take time to persistently trade above $9,000. In addition, 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 $8,500 level while the main support is at the $8,400 level. The price may likely fall below $8,300 if the bears step back into the market, a further movement could reach the critical support at $8,100 level. Technically, BTC/USD is still moving in sideways while the RSI (14) moves around 54-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.