Bitcoin Pushes Slightly Above The $63,580 Mark

May 06, 2024 at 10:44 // Price
Coin Idol

Bitcoin (BTC) is undergoing an upward correction following its crash on May 1, 2024. The largest cryptocurrency reached a low of $56,711 as bulls bought dips. On May 4, Bitcoin price rallied to the 21-day SMA or resistance at $64,644.

Long-term forecast for the Bitcoin price: bearish

According to price analysis by, bulls have been buying the dips in the last 48 hours but have not been able to sustain their upside momentum above the 21-day SMA. Bitcoin will rise above the 50-day SMA or reach a high of $66,000 if it clears the first obstacle at the 21-day SMA.

Moreover, a break above the 50-day SMA will propel the cryptocurrency to its previous high of $73,666. The cryptocurrency will fall if it is rejected at the 21-day SMA or the $64,000 barrier. The cryptocurrency value will test the previous lows of $60,870 and $59,810. The current BTC/USD price stands at $63,273.

Bitcoin price indicator reading

Bitcoin rose above the 21-day SMA today before falling again. the bulls and bears are currently vying for control of the 21-day Simple Moving Average. On the 4-hour chart, the price bars are above the moving average lines, which means that the cryptocurrency will continue to rise despite the setback.

Technical indicators:

Key resistance levels – $70,000 and $80,000

Key support levels – $50,000 and $40,000

BTCUSD (Daily Chart) – May 5.jpg

What is the next direction for BTC/USD?

The largest cryptocurrency is recovering but reaching the $64,000 resistance level. The cryptocurrency is on the retreat after retesting its previous high. Bitcoin is in a slight correction, retreating above the $63,000 support and fluctuating below the resistance level. 

If the cryptocurrency breaks above the 21-day simple moving average, its value will rise. Nonetheless, Bitcoin is trading just above $63,000 as doji candlesticks materialize.

BTCUSD (4-hour Chart) –May 5.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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