Bitcoin Price Prediction for Today, May 6: BTC/USD Trades Below $29,800 Resistance ByAzeez MustaphaPRO INVESTOR Updated: 07 May 2023 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage After touching the daily high of $29,808, the Bitcoin price prediction is down to touch a low of $28,310; a quick recovery seems possible for now. Bitcoin Prediction Statistics Data: Bitcoin price now – $28,912 Bitcoin market cap – $559.8 billion Bitcoin circulating supply – 19.3 million Bitcoin total supply – 19.3 million Bitcoin Coinmarketcap ranking – #1 BTC/USD Long-term Trend: Ranging (Daily Chart) Key levels: Resistance Levels: $34,000, $36,000, $38,000 Support Levels: $25,000, $23,000, $21,000 After forming a short-term top, BTC/USD price slides and crosses below the 9-day and 21-day moving averages as the price consolidates around $28,912, with a few bearish signals. However, the recent correction to the upward failed near the $30,000 level and it seems like Bitcoin bulls are struggling to gain momentum above this level. Bitcoin Price Prediction: Would Bitcoin Head to the Downside? The Bitcoin price is currently hovering within the 9-day and 21-day moving averages, the $28,000 and $26,000 levels are initial supports if the coin heads to the downside. However, if the bulls fail to recover the recent high of $29,808, there is a risk of a sharp decline. However, if the bears drag the price below the lower boundary of the channel, then, Bitcoin (BTC) could drop to the critical supports of $25,000, $23,000, and $21,000 respectively. Nevertheless, if there is a clear break toward the upper boundary of the channel, the Bitcoin price could hit the $30,000 resistance level. If the bulls manage to gain strength above $31,000, there are chances of a decent recovery toward the $32,000 resistance area. Moreover, the key breakout zone is near the $34,000, $36,000, and $38,000 resistance levels. Meanwhile, the Relative Strength Index (14) for the king coin is likely to cross below the 60-level, suggesting a bearish movement. BTC/USD Medium-term Trend: Ranging (4H Chart) The Bitcoin price is at the moment hovering below the 9-day and 21-day moving averages, trading at $28,845. Therefore, if the price drops below the lower boundary of the channel, it could reach the support level of $27,000 and below. BTCUSD – 4-Hour Chart Nevertheless, if the bulls push the coin toward the upper boundary of the channel, the Bitcoin price may likely hit the potential resistance levels of $30,500 and below. At the moment, the market is ranging as the Relative Strength Index (14) indicator prepares to cross above the 50-level. Alternatives to Bitcoin The Bitcoin price could begin another decline if bulls failed to push the coin to the upside. At the opening of today’s trading; the king coin touches the resistance level of $29,010, but any bearish movement to the south may bring the coin down to the bearish zone. However, the AiDoge (AI) platform provides an AI-driven meme generation experience for users, adapting to the ever-changing crypto world. This employs advanced AI technology for creating relevant memes based on user-provided text prompts. Meanwhile, the key aspects include the AI-powered meme generator, text-based prompts, and $AI tokens for purchasing credits. Moreover, the token is currently at the presale stage raising almost $4m. Wall Street Memes - Next Big Crypto Rating Early Access Presale Live Now Established Community of Stocks & Crypto Traders Featured on BeInCrypto, Bitcoinist, Yahoo Finance Rated Best Crypto to Buy Now In Meme Coin Sector Team Behind OpenSea NFT Collection - Wall St Bulls Tweets Replied to by Elon Musk Learn More Join Our Telegram channel to stay up to date on breaking news coverage