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Bitcoin (BTC) Price Analysis for May 4

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Thu, 4/05/2023 - 16:10
Bitcoin (BTC) Price Analysis for May 4
Cover image via www.tradingview.com

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Bulls are back in the game, as most of the coins are again in the green zone.

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Top coins by CoinMarketCap

Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is one of the biggest gainers today, rising by 2.28%.

BTC/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of Bitcoin (BTC) has set the local support level at $28,694. At the moment, traders should pay attention to the daily closure. If it happens above the zone of $29,000, there is a chance of seeing a further bounce back to the resistance at $29,378 tomorrow.

BTC/USD chart by TradingView

Image by TradingView

Despite today's growth, the price of BTC keeps trading sideways, in the middle of a wide channel. One can think about possible midterm growth only if the rate fixes above the area of $30,000.

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Until that happens, there is a low chance of seeing a trend reversal.

BTC/USD chart by TradingView

Image by TradingView

A similar picture can be seen on the weekly chart as the price of Bitcoin (BTC) keeps accumulating energy for a further sharp move. As neither buyers nor sellers have seized the initiative yet, ongoing consolidation in the range of $28,000-$30,000 is the more likely scenario.

Bitcoin is trading at $28,939 at press time.

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