Bitcoin Forecast: May 2021
BTC / USD hit a record high in April, but recent price action may have disappointed speculators.
BTC / USD has encountered headwinds in recent weeks after setting a record 64,800.00 on the 14the April. Last week, BTC / USD fell to lows of around 47,000.00 under rapid market conditions. Since testing the recent lower values, which were last recorded in the first week of March, BTC / USD has climbed again. Bitcoin is trading in the lower end of its strong uptrend that has been accomplished over the past six months.
So should BTC / USD traders be disappointed with the current price action and the lack of all-time highs over the past two weeks? The simple answer is no, BTC / USD cannot hit record highs all the time and cryptocurrency speculators have to come to terms with the idea that lower reversals remain a part of its dynamic trading environment. BTC / USD has a lot of eyes and the review is quite possibly a good piece for cryptocurrency.
Technically, BTC / USD is at an important point. The current price of BTC / USD is in the middle of its one-month value range. Speculators may want to see prices hold above the key resistance levels that are in sight as May prepares to begin. Remaining a speculative BTC / USD buyer is the best choice for traders. Yes, BTC / USD has certainly shown an ability to reverse to the downside, but until the cryptocurrency breaks below its bullish range, the trend continues to suggest that upward momentum may. to be found.
Conservative traders may want to wait for pullbacks in BTC / USD, but its current price levels are actually intriguing as a place to activate long positions. Traders should use stop losses, but these values can clearly be selected from a host of recent levels below, which were technically posted over the past week and a half. Leverage is an important factor when trading BTC / USD and speculators should carefully choose the amount of money they bet.
Instead of being disappointed with last week’s BTC / USD results and half of the trade, speculators may want to view the current price report as an opportunity. BTC / USD has not been able to hit a new high every week and this result could actually help speculators find the volatility they crave in the weeks to come.
BTC / USD outlook for May:
The speculative price range for BTC / USD for May is 43,200.00-66,000.00.
BTC / USD, which is going through a major milestone, currently has support near the 51,000.00 level. If BTC / USD breaks into this mark, the cryptocurrency could experience a demonstrable dip test on 23-24e of April when it came down to the ratio of 48,000.00. If further weakness were to develop, then speculators might believe that the 45,000.00 to 43,000.00 junctions could come into play and be tested for support.
Hitting a high of nearly 64,800.00 in mid-April was a feat, but reversing lower since has been difficult. However, if the price of 55,000.00 can be touched and maintain the above values, traders could technically start targeting the resistance level of 57,000.00. If this higher value which was last traded on the 19the The month of April may be touched, it could set the stage for buyers who believe that the bullish momentum can be fully revived and that a test of the value of 60,000.00 is achievable.
The 61150.00 price has proven to be a strong resistance over the past two weeks and if the mark can be broken higher, speculators will set their sights on the 62000.00 and 64000.00 settings. If the value of BTC / USD can find sustained trading above the 60,000.00 junction for a lasting length of time, record highs will certainly be in the discussion again.