Bitcoin (BTC) Price Prediction – May 2
At the moment, BTC/USD is seen dropping over 1.77% within 24 hours as it trades at the $56,837 level.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $64,000, $62,000, $60,000
Support Levels: $52,000, $50,000, $48,000
The daily chart reveals that BTC/USD failed to break above the previous resistance level of $58,550. Moreover, the Bitcoin (BTC) begins the day off by trending lower toward the $56,000 level inside the channel. However, the first support level is located at $56,000. Beneath this, support lies at $52,000, $50,000, and $48,000 levels.
What to Expect from Bitcoin (BTC)
Today’s trading marks another day that Bitcoin fails to stay above the moving averages as it looks to set up another few days of negative price declines beneath $57,000. Meanwhile, a break above the opening price of $57,859 would have set the first digital asset up to reach the nearest resistance at the $60,500 level. In other words, traders can clearly see Bitcoin fails to break up as the technical indicator RSI (14) is facing the downside.
Today, the price of Bitcoin couldn’t go higher as it is seen dropping towards the 21-day moving averages. Although the candle is still yet to close and it does look unlikely that the bulls may end up closing above it. More so, should the technical indicator moves below 50-level, the market price may end on the negative side but on the contrary, moving towards the upside could meet the resistance levels at $64,000, $66,000, and $68,000.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, the bears are seen coming back into the market as the bulls failed to defend the $57,972. However, the $52,000 and below may come into play if the bearish momentum increases the market movement.
However, if the buyers hijack the current movement and push it upward, traders may expect a retest at a $57,900 resistance level; breaking this level may further allow the bulls to hit $64,000 and above. At the moment, the RSI (14) signal line is seen moving below 60-level which could give additional bearish signals in the near future.