Bitcoin Reclaims $58,000 Support as Bulls and Bears Resume Price Tussle

Bitcoin Reclaims $58,000 Support as Bulls and Bears Resume Price Tussle

May 3, 2021

On May 3, 2021, Bitcoin (BTC) price regained bullish momentum as bulls broke the $58,000 resistance. It appears that buyers have reclaimed the $58,000 crucial support.

Bitcoin (BTC) Price Long-Term Prediction: Bullish

BTC/USD is likely to resume upside momentum. There is the possibility of price retesting the $60,000 psychological price level. In a strong trending move, the bullish momentum will extend to the highs of $61,000 and $65,000 resistance zone. 

However, it is unclear if the bullish momentum will be sustained above S60, 000 high. The $65,000 overhead resistance will be tested if buyers clear the psychological price level. Nevertheless, if BTC price rises and turns down from the $60,000 resistance, the market will decline to the previous support at $57,000 or $56,000. Presently, the BTC price is trading at $58,581 at the time of writing. The bulls are struggling to sustain the price level above the $58,000 support.

Bitcoin (BTC) Indicator Reading  

Since April 25, BTC price has been rising from the low of $50,500 to $58,000 high. The bulls have broken above the moving averages which suggest a possible movement of prices on the upside. Bitcoin is in a bullish momentum above the 75% range of the daily stochastic

Technical indicators:  

Major Resistance Levels – $65,000 and $70,000

Major Support Levels – $50,000 and $48,000

What Is the Next Direction for BTC/USD?

Bitcoin has made a positive move as it broke above the $58,000 high. The Fibonacci tool has indicated a possible move to the $60,000 psychological price level. However, the uptrend will be short-lived as price may reverse. On May 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement implies that Bitcoin will rise and later reverse at level 1.272 Fibonacci extension or the high of $59,884. 70.

Disclaimer. This analysis and forecast are the author’s personal opinions and not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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