Past Performance of Bitcoin The BTC price is rebounding, lifting the crypto market from the recent doldrums. When writing, BTC prices are relatively steady, in line with the recent gains as buyers appear to be preparing for a leg up. Even despite stable prices and what seems to be renewed confidence, Bitcoin remains in a trading range below the 40.5k resistance level.
#Bitcoin Technical Analysis Buyers seem to be sizing up as per the development in the daily chart. If buyers take over, BTC would easily expand to 45k in a refreshing expansion. However, the path of least resistance is still southward. This forecast holds even with the bullish engulfing bar of May 4, pushing prices from around the immediate sell trigger at 37.3k. As BTCUSDT remains in a trading range, traders can wait for clear breakouts above 40.5k or 37.3k before committing.
What to Expect from #BTC? Sellers are still dominant in a bear breakout formation. The sell trigger is at 37.3k—flashing with last week's lows. A dump below this mark could dash bulls' hope, possibly setting the trend for another leg down towards Q1 2022 lows. Resistance level to watch out for: 40.5k Support level to watch out for: 37.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.