Anticipated Bitcoin (BTC) Value for May 5th
Get ready to ride the bear crypto wave, folks! According to our sources, the cryptocurrency market is starting off the week with a bearish vibe, with bears taking the reins over bulls, especially for Bitcoin (BTC).
BTC/USD
This bearish trend has caused the price of Bitcoin to drop by 1.25% over the last 24 hours, currently trading at $94,161. On the hourly chart, the rate of BTC is gliding downwards, approaching the local support of $93,750. If it drops below this support, the slide might continue towards the $93,000 area.
On the larger timeframe, the price of BTC is a long way from key levels, making the volume low. As a result, neither buyers nor sellers are eager to take control yet. If things don't change by tomorrow, the most probable scenario is sideways trading in the range of $93,000-$95,000.
From a mid-term perspective, the outlook is neutral. It's still early days in the week, so making distant predictions isn't wise. Bulls might start considering midterm growth if they manage to break the $100,000 zone.
Even though the bearish trend is dominating the crypto market, remember to always conduct your own research before making any investment decisions, and never invest more than you can afford to lose. And as always, the cryptocurrency market is highly volatile and the trends can change rapidly, so keep a close eye on the market updates.
Happy bear-market riding, everyone!
Just a heads-up: according to Liquidity Doctor on Twitter, May 5 and May 6, 2025, might be two more bearish days for Bitcoin. But remember, trends can change rapidly, so these predictions might not hold true. Keep a close eye on market updates and make informed decisions based on current market conditions.
- Today, Bitcoin (BTC) has fallen by 1.25%, currently trading at $94,161, due to a bearish trend in the cryptocurrency market.
- On the hourly chart, the rate of BTC is moving downwards, approaching the local support of $93,750.
- If Bitcoin drops below this support, it might continue falling towards the $93,000 area.
- From a mid-term perspective, the outlook for Bitcoin remains neutral, and it's still early in the week to make distant predictions.
- Despite the bearish trend, it's important to conduct your own research before making any investment decisions, especially in the volatile world of finance and technology-driven cryptocurrencies.
- Keep in mind that trends can change rapidly in the cryptocurrency market, so it's crucial to stay updated and make informed decisions based on current market conditions.
