Bitcoin Faces an Uphill Task, Unable to Sustain above $60,000 Psychological Price Level

Today, May 10, BTC price is retracing after facing rejection from the high of $59,600. For the past three days, buyers have continued to retest the $60,000 overhead resistance to break it.

Bitcoin Price Long-Term Prediction: Bullish

On May 8, the bulls retested the resistance zone, and the BTC price declined to $56,400 support level. Promptly, the bulls bought the dips and the market rose again. The selling pressure has been overwhelming above the $60,000 overhead resistance. 

On the upside, if the bulls succeed in breaking above the resistance level, Bitcoin price will rally above $65,000 high. In the meantime, the bears are attempting to break below the crucial support level of $58,000. If the bears succeed in breaking below the $58,000 support, BTC/USD will resume another round of downward correction. 

There is a tendency of price reaching the low of $56,000. Nonetheless, the downtrend will continue if the price breaks below the $56,000 support. In the long run, Bitcoin may revisit the lows of $53,000 and $50,000. Meanwhile, the BTC price is hovering above the $58,000 support at the time of writing.                                        

Bitcoin (BTC) Indicator Reading

Bitcoin price is at level 53 of the Relative Strength Index period 14. Bitcoin is in the uptrend zone and capable of further upward movement of prices. The price bars are above the moving averages which suggest an upward movement of Bitcoin.

Key Resistance Zones: $60,000, $65,000, $70,000

Key Support Zones: $40, 000, $35, 000, $30,000   

What Is the Next Direction for BTC/USD?

According to the price indicator, Bitcoin's upward move is likely. On May 8 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement gives the impression that BTC will rise to level 2.0 Fibonacci extension. That is a high of $63,570.90.

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