Bitcoin Price Analysis — May 5
Just as projected in my last analysis, Bitcoin has responded favorably to the US Fed rate announcement, as the benchmark cryptocurrency bounced from the $37,700 area to the $40,000 top, a 5.8% jump. However, the cryptocurrency lacked the coordination to take the $40,000 barrier, prompting a correction to the mid-$39,000 area today.
That said, BTC holds its place around the 4-hour 100 EMA, which could prop it up for a push above the $40,000 ceiling in the coming days. Regardless, the primary cryptocurrency needs a comfortable close above the $41,000 pivot ceiling to put the still-present bearish bias to rest. Unless we record this move above the pivot area in the coming days, the window for a bearish continuation remains present.
Meanwhile, my resistance levels are at $40,000, $41,000, and $42,000, and my key support levels are at $39,000, $38,000, and $37,000.
Total Market Capitalization: $1.79 trillion
Bitcoin Market Capitalization: $752.1 billion
Bitcoin Dominance: 41.9%
Market Rank: #1
That said, BTC holds its place around the 4-hour 100 EMA, which could prop it up for a push above the $40,000 ceiling in the coming days. Regardless, the primary cryptocurrency needs a comfortable close above the $41,000 pivot ceiling to put the still-present bearish bias to rest. Unless we record this move above the pivot area in the coming days, the window for a bearish continuation remains present.
Meanwhile, my resistance levels are at $40,000, $41,000, and $42,000, and my key support levels are at $39,000, $38,000, and $37,000.
Total Market Capitalization: $1.79 trillion
Bitcoin Market Capitalization: $752.1 billion
Bitcoin Dominance: 41.9%
Market Rank: #1
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