The Bitcoin price line traveled across the $9080 mark on the 5th of May. The cryptocurrency fell back to the $8840 mark before the price line gradually made its way across the $8960 level with a ruffled price pattern. BTC traded between the $8760 and $9120 levels over the day’s chart.
1-Day Bitcoin price analysis (5th May)
Bitcoin price chart by Trading View
The BTCUSD pair was near the $8920 level as the day’s trade initiated, and it appeared bullish after 03:00 GMT, which caused the BTC price to rise to a high of $9119.28 US Dollars.
The trading pair stayed above the $9000 level until after 10:00 GMT when it fell to a day’s low of $8787.35 US Dollars.
After the bearish momentum concluded, the coin gradually made its way back towards the $9000 mark while trading above the $8890 level for the rest of the day. The cryptocurrency stood at a trading value of $8983.94 US Dollars at the time of writing.
Bitcoin: technical indicators
Bitcoin Price Chart by TradingView
The moving averages traced irregular paths on the full-featured chart, while drew a gradual uptrend from the afternoon and until the end of the day’s trade. The 20-Day Exponential Moving Average (EMA) closed at $8995.14, while the 50-Day Moving Average (MA) closed below the 20EMA, at $8994.03.
The Relative Strength Index (RSI) fell to a low value of 15.00 at 10:00 GMT, when the BTCUSD pair fell on the price chart, while the technical indicator remained above the level 40.00 through the rest of the day. At the time of writing, the RSI was observed at 46.66.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.