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Technical Analysis for BTCUSD for 5th May 2022

Bitcoin Revival, is this Enough to Spark BTC Demand above $40.5k?

Past Performance of BTC

The BTC price is rebounding, lifting the crypto market from the recent doldrums. When writing, BTC prices are relatively steady, in line with the recent gains as buyers appear to be preparing for a leg up. Even despite stable prices and what seems to be renewed confidence, Bitcoin remains in a trading range below the $40.5k resistance level.

Bitcoin Technical Analysis

Buyers seem to be sizing up as per the development in the daily chart. If buyers take over, BTC would easily expand to $45k in a refreshing expansion. However, the path of least resistance is still southward. This forecast holds even with the bullish engulfing bar of May 4, pushing prices from around the immediate sell trigger at $37.3k. As BTCUSDT remains in a trading range, traders can wait for clear breakouts above $40.5k or $37.3k before committing.

What to Expect from BTC

Sellers are still dominant in a bear breakout formation. The sell trigger is at $37.3k—flashing with last week's lows. A dump below this mark could dash bulls' hope, possibly setting the trend for another leg down towards Q1 2022 lows.

Resistance level to watch: $40.5k

Support level to watch: $37.3k

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

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