Bitcoin Price Prediction for Today, May 7: BTC/USD Eyes $30k Resistance Level

The Bitcoin price prediction shows that BTC bulls’ comeback is likely to send the price toward the resistance level of $30,000.

Bitcoin Prediction Statistics Data:

• Bitcoin price now – $28,962
• Bitcoin market cap – $558.9 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: $24,000, $22,000, $20,000

The daily chart shows that BTC/USD is recovering from the support level of $28,500 following a bearish correction. Today, the European session is characterized by a renewed upward trend whereby BTC/USD has recovered from intraday lows to trade around $28,952. Moreover, the Bitcoin price is currently hovering at 0.44% higher on the day as the king coin moves within the 9-day and 21-day moving averages.

Bitcoin Price Prediction: Bitcoin (BTC) Needs to Move Above $30k

The Bitcoin price is yet to trade below the 9-day and 21-day moving averages. Therefore, the first digital asset is now moving sideways. On a bullish note, the Relative Strength Index (14) shows that the signal line is likely to remain above the 50-level, suggesting that the Bitcoin price will once again move to touch the $30,000, which is the potential resistance level.

However, a strong bullish movement may push the coin above the 9-day and 21-day moving averages, this could take the price to the resistance levels of $34,000, $36,000, and $38,000. Meanwhile, if the market makes a quick turn to the south, BTC/USD may likely cross below the support level of $28,000, and should this support fails to contain the sell-off, traders may see a further drop to the support levels of $24,000, $22,000, and critically $20,000.

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

Following the 4-hour chart, Bitcoin (BTC) is now trading at around $28,932. Although the Bitcoin price has not yet crossed below $28,000 support, it’s still in the loop of making a reversal. However, the Bitcoin price hovers within the 9-day and 21-day moving averages and may take time to persistently trade above this barrier.

At the moment, BTC/USD is currently moving sideways while the technical indicator Relative Strength Index (14) moves in the same direction above the 50-level. Meanwhile, the upward movement may likely cause the coin to hit the nearest resistance level at $30,500 and above while the immediate support lies at $27,500 and below.

Bitcoin Alternatives

After a slightly positive move above the resistance level of $29,100 during the European session today, the Bitcoin price is likely to reverse from the current market value and cross above the 9-day and 21-day moving averages. Over the past few days, the king coin has been struggling to break above the upper boundary of the channel. Moreover, AiDoge’s generator uses cutting-edge artificial intelligence algorithms to create contextually relevant memes, trained on extensive meme datasets and crypto news. However, this guarantees up-to-date and high-quality memes as almost $4m has been raised in ongoing presale.