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Bitcoin Price Prediction: BTC/USD Successfully Hits $9,200 with $9,500 as the Nearest Target

Bitcoin (BTC) Price Prediction – May 6

The price of BTC is seen skyrocketing after hitting above $9,000 just a few hours back from the time of writing this.

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

Key levels:

Resistance Levels: $10,500, $10,700, $10,900

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

BTCUSD – Daily Chart

BTC/USD resumed the recovery and crossed the $9,200 mark ahead of the European opening. Today, the first digital coin reached an intraday high of $9,260.81 at the time of writing. As revealed by the daily chart, the Bitcoin (BTC) gained more than 2.5% in less than an hour in a strong bullish momentum. While on the downside, the BTC/USD hit intraday lows of $8,909. More so, the European session may likely turn bullish as volatility returns to the market.

However, the daily chart shows the RSI trading sideways above 70-level within the overbought zone. Meanwhile, sideways price action is likely to take center stage ahead of a possible breakout targeting $9,500. As seen in the daily chart, BTC/USD remains slightly in the hands of the bulls and if boosted, they could increase their positions and pull Bitcoin farther up.

In addition, if the market decides to fall, the price of Bitcoin could fall below the 9-day moving average around $8,400, and if that support fails to hold the sell-off, traders could see a further decline at $7,400, $7,200 and critically $7,000. All the same, the resistance levels to watch are $10,500, $10,700, and $10,900 respectively.

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

Looking at the 4-hour chart, the bears wanted to step back into the market by bringing the price from $9,036 to $8,924, but the bulls quickly held the support by picking the price from there to where it is currently trading at $9,260 which is around the upper boundary of the channel. However, the $9,800 and above may come into play if BTC/USD breaks above the channel.

BTCUSD – 4 Hour Chart

Furthermore, if the price breaks below the 9-day and 21-day moving averages of the ascending channel, the support level of $8,800 and below may be in focus. Meanwhile, as the technical indicator stochastic RSI moves into the overbought zone, more bullish signals may continue to surface.

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.