Crypto News

Bitcoin Price Analysis & Prediction (May 9th) – BTC Drops 1% Overnight Following Continuous Rejections Around $30k, Can it Pass Through?

Bitcoin went through a correction in April and later managed to recover but the $30k level has become a critical resistance to reclaim. It fell around that resistance yesterday and remained indecisive at press time.

The primary cryptocurrency has changed levels, adding roughly $2k to its price since the start of the month. This attempt to reclaim the crucial $30k resistance level, but failed after witnessing multiple rejections in the past weeks. The price slipped again.

Just immediately after establishing support at $27k last month, the price bounced to retest the mentioned crucial resistance and retraced to $27.7k earlier this month. 

It picked from that price level and pushed to exactly $29,820 yesterday before slipping to $28,300. It recovered overnight and trades calmly at around 28,900 at the moment.

Meanwhile, a lot of fundamentals surrounding the price suggest more increase for the leading cryptocurrency. But looking at the setups from a technical standpoint, BTC has been due for a correction since late March. We can see that the daily volume indicator has decreased significantly since then.

For the price to keep increasing, it must surpass the descending resistance line that suppressed buy actions for three weeks. Failure to do so may result in a sideway movement or further correction. If that happens, BTC could remain above or below April’s low for the next price movement.

Bitcoin’s Key Levels To Watch

bitcoin price analysis prediction
Source: Tradingview

Let’s consider a break above the descending resistance line, the immediate target for the bulls is to reclaim the $30k level, followed by $30,700 and $31,549. Higher resistance levels are $32,400 and $33,000.

If BTC nosedives and loses last month’s low, the support levels to pay attention to along the way down are $26,600, $25,255 and $24,033 to test the lower boundary of the broadening wedge pattern before bouncing back strong.

Key Resistance Levels: $30,000, $30,700, $31,549

Key Support Levels: $28,035, $27,000, $26,600

  • Spot Price: $28,900
  • Trend: Neutral
  • Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: artmagination/123RF // Image Effects by Colorcinch

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