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Bitcoin (BTC) Price Analysis for May 12

Price Analysis
Thu, 05/12/2022 - 16:01
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Denys Serhiichuk
Has Bitcoin (BTC) entered the oversold zone yet?
Bitcoin (BTC) Price Analysis for May 12
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Bulls could not seize the initiative today, and the rates of cryptocurrencies have continued going down. Solana (SOL) is the biggest loser among the top 10 coins, falling by almost 22%.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) has fallen the least today, declining by 8.45% over the last 24 hours.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the hourly chart, Bitcoin (BTC) has broken the local level at $29,283 and is trying to fix above. If buyers succeed, the upward move can continue to the vital zone around $30,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) has made a false breakout of the level of $27,757.

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If the buying volume keeps rising, the upward move can continue above the vital $30,000 mark.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the weekly chart, Bitcoin (BTC) has also made a false breakout of the old level at $25,831. The selling trading volume remains high, which means that bears are not going to give up. However, if the weekly candle closes above the $30,000 mark, the upcoming week might be bullish for the leading cryptocurrency.

Bitcoin is trading at $29,203 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.