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Technical Analysis for BTCUSD for 4th May 2022

Bitcoin Bears Press on as BTC Dumps 21% from April Highs

Past Performance of BTC

BTC remains under intense selling pressure at spot rates, reading from the development in the daily chart. It is down two percent versus the USDT in a bear breakout formation. Notably, BTC sellers are firm, rejecting attempts by bulls to push higher. The immediate resistance level is at $40.5k.

Bitcoin Technical Analysis

Bitcoin bulls are struggling at press time and have failed to unwind last week's losses. After earlier attempts, BTC prices fell on May 3, availing opportunities for traders to align with the immediate trend. Every low could be an opportunity to unload, especially if there are sharp liquidations below $37.3k—last week's lows. If the breakout bar signaling trend continuation is with high trading volumes, the coin may slide to February lows at $36.5k.

What to Expect from BTC

Sellers remain in charge. The upside momentum will fizzle if sellers force prices below last week's lows.

Resistance level to watch: $40.5k

Support level to watch: $37.5k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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