• BTC/USD is range-bound above $7,000, the long-term trend remains bullish.
  • Bobbly Lee says that BItcoin may return to the area above $10,000 in May.

BTC/USD hit the intraday high at $7,374 and retreated to $7,270 by press time. The first digital coin has been consolidating gains in a tight range after it had broken above $7,000.  Despite that the upside momentum faded away on approach to $7,500 on Wednesday, BTC/USD is still well-positioned to continue the long-term recovery.

Bobby Lee expects Bitcoin growth to a new all-time high in 2020

The first cryptocurrency is the best investment vehicle among a wide range of digital assets, according to the Board Member of Bitcoin Foundation, Bobby Lee. Speaking in the interview with the crypto media outlet Cointelegraph, Lee said that Bitcoin may hit $10,000 in May and set a new record high by the end of 2020.

The fact that this is the first block halving after Bitcoin became a mainstream investment option for many people further increases Bitcoin's potential upward price movement compared with 2016.

He also added that a steady flow of institutional investors will also support the price increase ahead of the third Bitcoin's halving. 

Notably, FXStreet earlier reported that according to Coin Metrics, the number of retail investors in Bitcoin increased significantly since the recent price collapse. 

BTC/USD: Technical picture

On a daily chart, BTC/USD is effectively capped by SMA50 located on the approach to $7,400. Once it is cleared, the recovery may be extended towards the next technical barrier of $7,500 and, eventually, to $8,000. This psychological barrier is reinforced by daily SMA200 and followed by daily SMA100 (currently at $8,150). A sustainable move above the resistance area $8,000-$8,150 will improve the long-term technical picture and open up the way to weekly SMA50 at $8,700 and 38.2% Fibo retracement at $9,300.

BTC/USD daily chart

On the intraday level, BTC/USD is hovering around 1-hour SMA50 (currently at $7,300). A sustainable move below this area will increase the short-term selling pressure and bring $7,100-$7,000 into focus. As this area contains 1-hour SMA100, it may limit the downside correction and serve as a jumping-off ground for the next bullish wave. However, if it is broken, the sell-off will be extended towards $6,600-$6,700 area that stopped the decline on April 2-3.

BTC/USD 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Market stays strong despite yesterday's sell-off

Yesterday at 14:45 GMT, the BTC/USD pair plummeted 7.96% in just 5 minutes, dragging with it the rest of the crypto board and causing a juicy change of hands between the fearful and the convinced.

More Bitcoin News

XRP/USD is back inside the previous range, bulls defend $0.2000

Ripple (XRP) is changing hands at $0.2030. The coin has partially recovered from Tuesday’s major sell-off to $0.1970; however, the further upside seems to be limited. Ripple retreated to the fourth place in the global cryptocurrency market rating and gave way to Tether (USDT). 

More Ripple News

LTC/USD bulls lie in wait on approach to $45.00

Litecoin (LTC) has been trading in a tight range since the start of the day, consolidation large moves of the previous days. LTC/USD hit the low of $44.52 on Tuesday amid major sell-off on the cryptocurrency market and managed to recover to $46.20.

More Litecoin News

ADA/USD free-falls 1% in minutes despite positive sentiments

Cardano outperformed most cryptocurrencies in the market last week. In fact, ADA more than doubled its value in less than a week. On the upside, ADA/USD has traded new yearly highs at ...

More Cardano News


Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast