Bitcoin Price Prediction: BTC/USD Jumps Another 3% Gains to Reclaim $59,000 Level

Bitcoin (BTC) Price Prediction – May 8

After a sudden and bullish price spike, BTC/USD moves toward the long-awaited $60,000 resistance.

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

Key levels:

Resistance Levels: $63,000, $65,000, $67,000

Support Levels: $51,000, $49,000, $47,000

BTCUSD – Daily Chart

BTC/USD has once again given more than 3% pullback surging past $59,000 resistance and looking forward to breaking past its crucial resistance of $59,500. At the time of writing, BTC is trading 3.21% up at $59,216 with a market cap of $1.104 trillion. More so, while Bitcoin has been trading flat over the last month (April 2021) and consolidating around $55,000, the first digital asset has been making the most of this opportunity.

What is the Next Direction for Bitcoin?

The daily chart reveals that BTC/USD has traded above the crucial level of $59,000. Meanwhile, on the upside, as the coin moves above both the 9-day and 21-day moving averages, little is in place to prevent correction targeting the key resistance of $60,000 as the technical indicator Relative Strength Index (14) moves toward the 60-level to confirm the uptrend.

However, BTC/USD is currently supported by the former resistance level of $56,000 but if the price falls below this level and move to cross the 9-day and 21-day moving averages, the Bitcoin price could find support at $51,000, $49,000, and $47,000. In the opposite manner, the continuation of the bullish movement towards the upper boundary of the channel could pave the way for gains above $60,000 before reaching the resistance levels of $63,000, $65,000, and $67,000.

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

Looking at the 4-hour chart, BTC/USD is currently trading around $59,183 after a reversal from the $58,837 level. However, traders can see that the bullish supply is becoming heavy in the market while the bears are trying to bring the price down.

BTCUSD – 4 Hour Chart

In addition, if the buyers could further strengthen the market, the Bitcoin price may reach the resistance level of $60,000. Moreover, the technical indicator RSI (14) remains above 60-level; therefore, breaking to the upside could allow the bulls to hit the potential resistance at $62,000 and above. On the contrary, if the market price turns down; the bears may take the opportunity to bring the price to the support level of $57,000 and below.

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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.