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Bitcoin (BTC) Price Analysis for May 8

Price Analysis
Sun, 05/08/2022 - 17:00
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Denys Serhiichuk
Can traders expect the further fall of Bitcoin (BTC) next week?
Bitcoin (BTC) Price Analysis for May 8
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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The last day of the week has turned out to be bearish for Bitcoin (BTC) and for all of the other top 10 coins as well.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has gone down by 8.37% over the last week.

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

On the hourly chart, Bitcoin (BTC) is trading in the local channel between the support at $34,287 and the resistance at $34,921. At the moment, the rate is close to the $35,000 mark, which means that bulls are more powerful than bears at the moment. If bulls can hold the initiative, there is a chance to see a breakout at the beginning of the next week.

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

On the daily time frame, Bitcoin (BTC) made a false breakout of the $34,324 level. The selling volume has declined, which means that bears are losing their energy. In this case, the more likely scenario is correction to the zone of $35,000.

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

On the bigger chart, Bitcoin (BTC) is approaching the support level of the wide channel. If the fall continues to the $33,000 mark, there is a high chance of seeing a sharp drop below $32,800 next week.

Bitcoin is trading at $34,674 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.