Bitcoin Price Prediction for Today, May 4: BTC Stabilizes Above $39,000 Level



The Bitcoin price prediction shows that BTC is trading at $39,723 as the coin seems to be preparing for another upward movement.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $44,000, $46,000, $48,000

Support Levels: $33,000, $31,000, $29,000

BTCUSD – Daily Chart

BTC/USD is trading above the 9-day and 21-day moving averages at $39,723 as the coin prepares to gain additional higher levels. At the time of writing, the first digital coin is likely to extend towards the resistance level of $40,000 if the bulls put more pressure on the market.

Bitcoin Price Prediction: BTC/USD Ready for A Cross Above $40k

At the moment, the Bitcoin price is crossing above the 9-day and 21-day moving averages, any further bullish movement above this barrier could locate the potential resistance levels at $44,000, $46,000, and $48,000. Normally, when the new uptrends are coming up, traders may use the moving averages to gauge the strength of the trend. Nevertheless, if BTC/USD soars to the upper boundary of the channel, this could be a sign of sustainability and may likely result in a bullish continuation.

Furthermore, if the Bitcoin price fails to move up; traders may see a price cut below the lower boundary of the channel, and a further low could bring the price to the support levels at $33,000, $31,000, and $29,000 respectively. But as it stands, the Bitcoin price is likely to rise as the technical indicator Relative Strength Index (14) moves to cross above 50-level.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

According to the 4-hour chart, the market is following a sideways movement above the 9-day and 21-day moving averages as the bulls are coming back into the market to push the king coin above the upper boundary of the channel. If not, the support level of $38,500 and below may come into play.

BTCUSD – 4 Hour Chart

However, if the bulls push the market above the 9channel, traders may expect a retest of the $40,000 resistance level, and breaking this level may further push the price towards the resistance level of $41,500 and above as the technical indicator Relative Strength Index (14) remains above 60-level, suggesting a bearish signal.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

Read more:

You have not selected any currencies to display

Subscribe To The Latest Crypto News

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

World Wide Crypto will use the information you provide on this form to be in touch with you and to provide updates and marketing.