Bitcoin (BTC/USD) Market Sets To Retrace Upward
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Bitcoin Price Prediction – May 3
The BTC/USD market is set to retrace upward as the oversold region is about to be reached. The market’s order flow is currently bearish. This came after a rejection of the price at the $73836.00 resistance.
The overall market trend has been bearish following the MSS (Market Structure Shift) on April 17, 2024. On April 17, 2024, the price experienced a crash, leading to the invalidation of the swing low at $60771.00. According to the RSI (Relative Strength Index), the price has been crashing from the $73836.00 resistance, which is an extremely overbought region of the market. Currently, the market has almost reached the oversold zone. A pullback to the upside is highly probable as soon as the oversold region is reached.
BTC/USD 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 is set to retrace upward as the oversold region is about to be reached.
During December 2023 and January 2024, Bitcoin’s price oscillated between $48,000.00 and $38,500.00. However, a bullish trend materialized after a breakout in February 2024, propelling the price to the $73,836.00 supply zone.
At the $73,836.00 supply zone, BTCUSD retracted backward, causing a market structure to shift to the downside. According to the MA Cross, the market has been bearish since the successful cross below the $68744.00 price level.
How Is The BTCUSD Market Responding To The Recent Positive Shift In Sentiment?
The market sentiment has turned positive, with investors eyeing short-term gains upward. This shift could persist until buy-side liquidity grabs the bearish order block in the premium zone.
Investors are strategically positioning themselves amidst this dynamic, anticipating profit opportunities within the fluctuating landscape. The buy-side liquidity and bearish order blocks might strengthen the bears’ conviction to storm the market.
BTC/USD – Four-Hour Chart
In the same direction as the daily chart, the Bitcoin market is currently in a bearish move on the four-hour chart. The bearish move began after a CHoCH (Change of Character) to the downside in mid-April 2024.
Following the CHoCH, the price retracted, bouncing off the $67273.00 resistance. A BOS (Break Of Structure) to the downside recently occurred. A pullback to the upside is set to commence, as the RSI indicates that the market is oversold on the four-hour chart.
Bitcoin (BTC) Current Statistics
Current price: $57440.87
Market Capitalization: $1,160,000,000,000
Trading Volume: $40,720,000,000
