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Bitcoin (BTC) Price Prediction for May 8

Wed, 8/05/2024 – 16:13

Cover image via www.tradingview.com

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The bears’ pressure continues on the market, according to CoinStats.

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BTC chart by CoinStats

BTC/USD

The price of Bitcoin (BTC) has dropped by 2.83% since yesterday.

Image by TradingView

On the hourly chart, the rate of BTC is trying to fix below the local support level of $62,0.54. If that happens, the correction may continue to the $61,000 zone soon.

Image by TradingView

On the daily time frame, there are no reversal signals yet. If the bar closes near its low, there is a high possibility of seeing an ongoing decline to the $60,000-$61,000 area by the end of the week.

Image by TradingView

The weekly bar is coming back to the support level formed by a false breakout. 

If buyers cannot seize the initiative shortly and lose the vital $60,000 zone, one can expect a test of $55,000.

Bitcoin is trading at $62,026 at press time.

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