Past Performance of Bitcoin Over the weekend, Bitcoin prices moved lower. The sharp drop on May 6 wasn't confirmed on May 7. As such, the coin remains within a 4k trade range with resistance and support at FWB:31K and FWB:27K, respectively. Still, the uptrend holds, and prices are now inside a wedge after sharp gains from mid-March 2023.
#Bitcoin Technical Analysis As it is, bulls are in control. With prices inside a bear flag, traders are watching out for how prices will react at FWB:27K on the lower end. On the upper end, the resistance trend line, coupled with immediate resistance levels at 30k and FWB:31K, is important. Unless there is a breakout, traders should watch from the sidelines. Since the primary trend from a top-down preview is bullish, gains above 30k and, ideally, FWB:31K could propel the coin toward 35k. Conversely, losses below FWB:27K may see BTC slip to FWB:25K in a bear continuation from the second half of April.
What to Expect from #BTC? Traders are cautious, reading from decreasing participation levels. Even as prices move inside a wedge, trading volumes are relatively low. Traders can wait for trend definition with bulls with the upper hand considering gains of the past few months. Resistance level to watch: 30k Support level to watch: FWB:27K
Disclaimer: Opinions expressed are not investment advice. Do your research.