Bitcoin Price Prediction: BTC/USD Tumbles as the Price Plummets To $8,098

Bitcoin (BTC) Price Prediction – May 10

Over the past days, Bitcoin (BTC) tried to break above the $10,000 mark but with no success.

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

Key levels:

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

Support Levels: $7,200, $7,000, $6,800

BTCUSD – Daily Chart

Today, BTC/USD pulls a shocking and devastating move against bullish investors following a tremendous fall from highs around $9,919 yesterday to touch the low of today at $8,098. At the time of writing, BTC/USD is trading 8.31% lower on the day and valued at $8,745. More so, the bulls failed to breach the $10,000 psychological level which happens to be one of the reasons why the coin is facing a downward trend.

Moreover, as the coin is trading at $8,745 displaying an intraday loss of 8.31%. The prevailing trend is still bullish with expanding volatility. Therefore, a break below the 21-day moving average may likely continue in the direction of the downtrend. In this case, BTC/USD could fall below $8,000 support and further movement may hit the critical supports at $7,200, $7,000, and $6,800.

However, if the bulls can hold the price to remain above the 9-day and 21-day moving averages and move up; the Bitcoin price could rise above the upper boundary of the channel and move to $10,400 vital resistance. A further high drive could send the coin to $10,600 and $10,800 resistance levels. Unfortunately, the technical indicator RSI (14) is revealing a sign of trend reversal, which shows a possible bearish momentum may likely play out.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

Following the 4-hour chart, Bitcoin bears are now taking control and may likely push the coin below its previous support level that existed around $8,900. Although, the Bitcoin price has not yet slipped below $8,000 and it’s still in the loop of making a bounce back. Its price hovers around $8,687 and may take time to persistently trade above $9,500.

BTCUSD – 4 Hour Chart

Moreover, BTC/USD is currently moving below the 9-day and 21-day moving averages and any upward movement could push the price near the $9,400, $9,600, and $9,800 resistance levels while the immediate support lies at $8,000, $7,800, and $7,600. The RSI (14) nosedives to 34-level, which may likely give more bearish signals before a reversal could play out.

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.

Top brokers for buying and trading cryptocurrencies

  • Platform
  • Features
  • Rating
  • Visit Site
  • US-Friendly
  • Paypal accepted
  • 12+ cryptocurrencies

Visit Site
75% of retail investors lose money.
eToro Reviews

    eToro Reviews your account
    Hide eToro Reviews
    • Best broker for non-US countries
    • Trade crypto CFDs, forex and stocks
    • No withdrawal or deposit fees

    Visit Site
    80.5% of retail investors lose money.
    Plus500 Reviews

      Plus500 Reviews your account
      Hide Plus500 Reviews
      Remember, all trading carries risk. Past performance is no guarantee of future results.

      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.