BTC/USD Retreats Below $59,000; Watch out for the Next Move

Bitcoin (BTC) Price Prediction – May 10

The Bitcoin price continues to follow the bearish movement as the price drops below $59,592

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $65,000, $67,000, $69,000

Support Levels: $52,000, $50,000, $48,000

BTC/USD is experiencing another unexpected selloff as the market price slides below the 9-day moving average. The first digital asset drop sharply to touch the support of $56,501. However, a reversal may quickly play out, which may send the king coin above the opening price of $59,592 level.

Where is BTC Price Going Next?

The technical indicator Relative Strength Index (14) reveals that the market movement is bearish. Despite the drop suffered, the technical indicator remains above the 50-level. This could mean that there is still room that may be explored by the bears. Therefore, BTC/USD may continue to follow the downtrend if the market price crosses below the 21-day moving average.

On the upside, recovery may not come easy but any attempt to cross above the upper boundary of the channel may negate the bearish scenario and allow for an extended recovery towards the resistance levels of $65,000, $67,000, and $69,000. However, an increase in selling pressure across the market could force the Bitcoin price to follow a painful path towards the support levels of $52,000, $50,000, and $48,000.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

On the 4-hour chart, the Bitcoin price slide below the 9-day and 21-day moving averages. The chart reveals that the coin couldn’t survive the $57,500 support as the market prepares for more downtrend by crossing below the lower boundary of the channel. However, the Bitcoin price is likely to return to the bull market if the 9-day MA remains above the 21-day MA. Higher resistance is located at $60,000 and above.

Moreover, if the price drops below the channel, even $56,000 may not be able to hold the support as the RSI (14) nosedives below 45-level. Therefore, the king coin is likely to visit the $55,000 and below if the price breaks below the lower boundary of the channel.