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Bitcoin (BTC) Price Analysis for May 12

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Thu, 12/05/2022 - 16:01
Bitcoin (BTC) Price Analysis for May 12
Cover image via www.tradingview.com

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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%.

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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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