Wall Street opened slightly higher than its previous close. AS of writing this article, the Dow Jones Industrial Average (DJI) is around 0.79% up. Whereas, the S&P 500 is 0.02% down. Bitcoin managed to crossover the auspicious mark of $7,500.
The day’s range for BTCUSD is so far $7,430.00 — $7,615.36. Other major cryptocurrencies such as Ethereum (ETHUSD), Ripple (XRP), etc. have not been much volatile either. It seems that the investors in the crypto space are watching out for the equity markets to point in a direction.
BTCUSD Price analysis and prediction
To illustrate the possible movements of the BTCUSD in the short term, let us take a look at the hourly timeframe for BTC.
The Golden Cross formed on April 23 caused a massive spike in the volume. BTCUSD prices rose in unison with the traded amount. Now, the two supports pointed at the chart are at $6,972.20 and $7,253.37.
Before the reward halving takes place in another three weeks, Bitcoin investors would be carefully watching for any possible entry point to buy Bitcoin. It is because after each reward halving, so far, BTCUSD price immediately shot up. Now, with more investors purchasing Bitcoin, the prices are bound to go up.
Considering the reward halving and the spike in interest in BTC, my price prediction for Bitcoin in the short term is a conservative bullish, as well as a limited bearish.
BTC is currently in a consolidation phase. Breaking out of the consolidation phase with good volumes would cause BTCUSD prices to reach $8,011.19 in a few trading sessions.
However, one cannot ignore the downside of the COVID-19 pandemic. With the virus still looming large over the financial markets, investors might ditch the risky investments. In that case, BTCUSD might reach $7,253.37. If the bears are dominant, they could cause BTC to drop to $6,972.20.