Bitcoin Price Analysis & Prediction (May 9th) – BTC Drops 1% Overnight Following Continuous Rejections Around $30k, Can it Pass Through?

2023-5-10 08:39

Bitcoin went through a correction in April and later managed to recover but the $30k level has become a critical resistance to reclaim. It fell around that resistance yesterday and remained indecisive at press time.

The primary cryptocurrency has changed levels, adding roughly $2k to its price since the start of the month. This attempt to reclaim the crucial $30k resistance level, but failed after witnessing multiple rejections in the past weeks. The price slipped again.

Just immediately after establishing support at $27k last month, the price bounced to retest the mentioned crucial resistance and retraced to $27.7k earlier this month. 

It picked from that price level and pushed to exactly $29,820 yesterday before slipping to $28,300. It recovered overnight and trades calmly at around 28,900 at the moment.

Meanwhile, a lot of fundamentals surrounding the price suggest more increase for the leading cryptocurrency. But looking at the setups from a technical standpoint, BTC has been due for a correction since late March. We can see that the daily volume indicator has decreased significantly since then.

For the price to keep increasing, it must surpass the descending resistance line that suppressed buy actions for three weeks. Failure to do so may result in a sideway movement or further correction. If that happens, BTC could remain above or below April’s low for the next price movement.

Bitcoin’s Key Levels To Watch Source: Tradingview

Let’s consider a break above the descending resistance line, the immediate target for the bulls is to reclaim the $30k level, followed by $30,700 and $31,549. Higher resistance levels are $32,400 and $33,000.

If BTC nosedives and loses last month’s low, the support levels to pay attention to along the way down are $26,600, $25,255 and $24,033 to test the lower boundary of the broadening wedge pattern before bouncing back strong.

Key Resistance Levels: $30,000, $30,700, $31,549

Key Support Levels: $28,035, $27,000, $26,600

Spot Price: $28,900 Trend: Neutral Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: artmagination/123RF // Image Effects by Colorcinch

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Resistance (RES) на Currencies.ru

$ 0 (+0.02%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -20.21 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0018624 (-100%)

resistance through around bitcoin 30k level recover

Источник: nulltx.com

resistance through → Результатов: 126


Polygon Price Analysis & Prediction (Feb 23rd) – MATIC Reaches Exhaustion After Doubling its Price in Two Months

After months of recovery, Polygon’s price increased by 100% this year to test the April 2022 breakdown level. It rejected that level yesterday and slipped slowly – now looking for solid support. Last week saw MATIC through its first major correction of the month after marking a 9-month resistance at $1.365 – which now serves […]

2023-2-25 08:07


Ethereum Price Analysis & Prediction (Feb 8th) – ETH Struggles Under $17k But Sustaining Momentum For Potential Increase

Ethereum continued to remain upward despite rejecting a key monthly resistance. The price has failed to drop and now appears to be gearing up for another increase. After surging through many resistance levels in the past month, Ethereum underwent a small correction and bounced back to mark a new level at $1,715. A sharp sell […]

2023-2-9 10:31


Shiba Inu Price Analysis & Prediction (Jan 19th) – Volatility Not Enough to Break SHIBA Through This Resistance, Will it Fall Back?

While volatility flows into the Metaverse chain, meme coin like Shiba Inu has remained calm following Dogecoin’s indecisiveness since last weekend. SHIBA is still up by 12% in a week. Shiba Inu and other meme coins are yet to enjoy high volatility, like what we recently saw among the low-cap coins during this recovery period […]

2023-1-21 08:30


Fantom Surprises With 5% Rally In Last 24 Hours – More Gains Ahead?

Fantom (FTM) bounces back with a 5% rally in over 24 hours after it hit a massive low yesterday. On-chain metrics hint at a bull run. Still, buyers are still advised to be extra cautious. FTM rallied 5% in the past 24 hours Fantom’s on-chain metrics hinting a bullish movement FTM experiencing strong selling pressure FTM bulls are still trying to push through the resistance.

2022-9-28 15:30


XRP Sluggish At Resistance – Will It Break Out After 2 Months Of Vertigo?

XRP is seen to be stuck and on tepid waters as the price is not wandering off from $0. 3 to $0. 39 for two months. XRP experiencing weakness with price stuck at $0. 3 to $0. 39 Price hinting a bearish squeeze Price nearing a breakout and a plunge of 52% The current sluggishness that XRP price is going through is severely pinning and stopping the bulls from making any move in the upward direction.

2022-8-16 09:17


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

BlackRock’s Bitcoin ETF overtakes its Gold ETF in size

The shift from gold to Bitcoin ETFs highlights changing investor preferences, signaling a potential redefinition of safe-haven assets. The post BlackRock’s Bitcoin ETF overtakes its Gold ETF in size appeared first on Crypto Briefing.