Bitcoin (BTC/USD) Market Resumes Its Bearish Trend
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Bitcoin Price Prediction – May 9
BTCUSD market resumes its bearish trend after a buy-side liquidity grab above $64728.00. The overall market trend is bearish, as the price keeps respecting a major trendline to the downside.
According to the MACD (Moving Average Convergence Divergence), the direction of the market is also indicated to be bearish. Similarly, the MA Cross has made a bearish cross after the price rebound at the major trendline. This indicates that the BTCUSD is strongly bearish. Until major support is hit in the discount zone, the market is likely to keep experiencing BOS (Break of Structures) to the downside.
BTCUSD Market Key Levels
Resistance levels: $68744.00, $73836.00, $80000.00
Support levels: $50577.00, $43873.00, $38501.00
BTC/USD – Daily Chart
The BTC/USD daily chart showcases that the market continues to head downward as major support is yet to be hit.
Before the ongoing bearish trend began, the market was in a bullish trend. The uptrend began after the MACD crossed the zero line in early February 2024. The bullish trend lasted for over a month, as indicated by the MA Cross.
At what price level is the BTCUSD market likely to stop declining?
When BTCUSD reached the $50577.00 price level, a bullish order block and a Fair Value Gap formed before the price continued upward.
The price appears to be heading lower into the discount array. Considering the previous reactions of prices at $50577.00 support, a halt in the persistent crash is imminent.
BTC/USD – Four-Hour Chart
On the four-hour chart, the market is also bearish. However, a short-term pullback is impending as the price approaches a four-hour bullish order block in the discount zone.
The trading range of the market on the four-hour chart currently lies between $67273.00 and $56500.00. Despite the impending pullback to the upside, a break of structure at $56500.00 to the downside is bound to happen in the long run.
Bitcoin (BTC) Current Statistics
The current price: $62351.20
Market Capitalization: $1,230,000,000,000
Trading Volume:$26,260,000,000
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