Bitcoin (BTC) Price Prediction – May 12, 2021
Since May 1, BTC/USD has been fluctuating between $54,000 and $60,000 price levels. Buyers retested the $60,000 overhead resistance twice. On Each retest, the market would fall to the $54,000 low. This has been the price action since March 13, when Bitcoin first attained the $60,000 psychological price level. The breakout above $60,000 overhead resistance and the sustenance of the bullish momentum will determine the second round of upside momentum.
Resistance Levels: $65,000, $70,000, $75,000
Support Levels: $50,000, $45,000, $40,000
Today, the BTC price has broken and closed above the moving averages. The implication is that the market will rise to retest the $60,000 overhead resistance. This is possible if the buyers reclaim the $58,000 crucial support level. In some cases, buyers will find penetration difficult at this level. At other times, the bulls will break this level … Read more