Bitcoin price analysis: BTC/USD struggling to stay afloat at $5,300


  • The largest digital asset was trending sideways between $5,100 and $5,200 prior to Tuesday breakout.
  • Technical levels remain intact in spite of Bitcoin failing to move past $5,350.

BTC/USD brought smiles to investors yesterday after it escaped a strong resistance zone at $5,200. The largest digital asset was trending sideways between $5,100 and $5,200 following the correction from the dip that tested the support areas at $5,000 and $4,950 during the declines last week.

The entire cryptocurrency market beamed with hope as Bitcoin scaled the levels above $5,250 and even stepped above $5,300. However, the price lost momentum before clocking $5,350 and formed a high on 1 May at $5,342.76 resulting in a correction towards $5,300.

Bitcoin short-term technical picture

Bitcoin is currently exchanging hands at $5,302 and struggling to defend the short-term support at $5,300. Technical levels remain intact in spite of the asset failing to move past $5,350. The Relative Strength Index (RSI) is heading lower at 65 to show that the sellers are gaining traction. The moving average convergence divergence (MACD) is, however, sitting comfortably within the positive region to show that the bulls are still present and could defend the next support at $5,250 and $5,200 in the event declines increase momentum.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin attempts a dead cat bounce amid a descending channel

Bitcoin (BTC/USD), the most dominantly traded cryptocurrency, is seen attempting minor recoveries on the 9900 handle, having extended the recent declines to 9,850.65, in the wake of a symmetrical triangle breakdown on the hourly sticks seen on Saturday.

More Bitcoin News

Cryptocurrency market update: Bears dominate quiet Saturday trading

Bearish momentum extends on Saturday across the crypto space. Bitcoin is the top weekly loser among five dominant cryptocurrencies. Ripple (XRP/USD) extends its corrective slide from six-week tops into a third straight day today.

More Cryptocurrencies News

Litecoin price prediction: Bears eye 73.00 amid descending triangle, bearish RSI

The fifth most widely traded cryptocurrency, Litecoin, remains on the back foot so far this Saturday. Sellers take back control amid a descending triangle formation spotted on hourly sticks, with eyes on 73.00.

More Litecoin News

Monero technical analysis: Trapped in range, vulnerable while below 83.50

Monero (XMR), the 14th largest cryptocurrency with the current market capitalization of $1.26 billion, is the second-biggest loser among the top 20 widely traded cryptocurrencies. 

More Monero News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin weekly forecast: Let the altcoin season begin

All major altcoins demonstrated strong growth while Bitcoin reluctantly oscillated in a tight range and stayed vulnerable to bearish sentiments. The first digital currency spends the best part of the week hovering around $10,200 level.

Read the weekly forecast

BTC

ETH

XRP