Bitcoin price holds support at $8750, rallies to $9000

The Bitcoin price line exhibited an uptrend on the 2nd of May, where the BTCUSD pair crossed the $9000 level at the start of the day GMT time.

A flash rise can be observed on the charts that pushed the Bitcoin price up. During its trade in the first half of the day, the cryptocurrency kept above the support near $8750.

1-Day Bitcoin price movement (2nd May)

Bitcoin price chart by TradingView

The Bitcoin price pair began the day’s trade near the $8825 level, while it gradually moved upwards on the daily chart. The cryptocurrency spiked across the $9000 level and saw a day’s high of $9013.16 US Dollars. After reaching the day’s high, the coin’s price line retreated towards the $8850 level.

After 21:00 GMT, BTC saw some increase in its price, after which it saw the day’s closure at $8980.07 US Dollars. At the time of writing, BTC traded at $9141.23 US Dollars.

Bitcoin: technical indicators

Bitcoin price chart by TradingView

Both of the moving averages show an uptrend of the cryptocurrency’s trading values in the afternoon of the 2nd of May. The 20-Day Exponential Moving Average (EMA) closed at $9139.90 while the 50-Day Moving Average (MA) closed at $9137.07.

The Relative Strength Index (RSI) stayed between the levels 30.00 and 70.00 for the day’s trade. At 18:00 GMT, the RSI turned bearish, where it reached a low of 19.62. This means that BTC was oversold at that instance. At the time of writing, the RSI stood at 48.54.

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.