BTC to USD, 12th May: Bitcoin Price Analysis, What’s Happening?

2 months ago

Technical Indicators:

Support Level: $6850, $6500, $6000

Resistance Level: $7400, $7500

Key Points:

  • Bitcoin price surged massively after clearing above $6800 resistance level
  • BTC price has increased more than 25% in just a few days and recorded a new yearly high around $7450 today.
  • A bullish pattern is being formed with support around $6750 on the hourly chart.
  • Currently, the momentum seems quite bullish and BTC is moving towards $7800 range, however, there are still chances of a sudden downward move.

Bitcoin Price Analysis:

SUMMARY: Bitcoin price increased massively above $7000. Currently, it is quite unclear whether the bear market is over or is it a fake run, however, BTC seems to be approaching the $7500 and $7600 levels soon from where it might start correcting downwards massively towards $6800 support.

Bitcoin started a major bull run after breaking above the $6800 resistance this week which was being termed as the most critical resistance zone. On the way, BTC cleared through every possible resistance around $6000, $6200, $6400, $6500 and $6600. Soon, BTC even moved over the $7000 resistance level and also settled above the 100 hourly SMA and $7200. A new yearly high was also recorded above $7450.

Soon bitcoin price started to correct downwards, however, the support around $6850 proved quite strong and pushed the price back upwards.  Currently, BTC is trading around $7400 with the bulls trying to break above the resistance formed here.

If bitcoin price is able to break and settle above this range, it might soon test the $7500 and $7600 resistance levels, However, a bull market cannot be confirmed yet and BTC needs to settle well above the $6800 level for at least a few days before it can be confirmed. According to some analysts, the current market is being run by cryptocurrency exchanges and large BTC bulls and for them, profit-making is the only motive and hence there can be a sharp decline in the price of Bitcoin in the upcoming days. However, the current momentum seems quite bullish.

BTC to USD Price Chart 12th May

The chart shows that bitcoin price is currently moving upwards with a bullish momentum after it broke above the $6800 resistance level. BTC might correct downwards in the short term towards $6800 and $6500 levels. Bitcoin price needs to settle well above $6800 level for a few days in order to confirm a bull market.

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