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Bitcoin (BTC) Price Prediction for May 4

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Sat, 4/05/2024 – 19:15

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The weekend has started positively for most coins, according to CoinMarketCap.

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BTC/USD

The rate of Bitcoin (BTC) has risen by 3.29% over the last 24 hours.

Image by TradingView

On the hourly chart, the price of BTC might have set a local resistance level at $64,522. As most of the daily ATR has been passed, any sharp moves are unlikely to happen by the end of the day.

Image by TradingView

On the bigger time frame, the rate of the main crypto has once again bounced off the $64,310 level. If the bar closes far from it, bears may again seize the initiative, which can lead to a correction to the $62,000-$63,000 zone soon.

Image by TradingView

From the midterm point of view, the price of BTC has made a false breakout of the support level of $59,440. However, it is early to think about a fast reversal as the coin has not accumulated enough energy for that.

In this case, ongoing sideways trading in the zone of $62,000-$66,000 is the more likely scenario.

Bitcoin is trading at $63,728 at press time.

SOURCE

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