The Bitcoin price rose towards $10000.00 on the 7th of May, experiencing a price gain of almost 10%.
DLavrov is a TradingView analyst who believes that Bitcoin is moving towards its halving, and he had also suggested that the cryptocurrency may seem a short term upside movement towards $10000.
1-Day Bitcoin price analysis (7th May)
Bitcoin price chart by TradingView
At the beginning of the day, Bitcoin traded near $9100. In the afternoon, the cryptocurrency turned bullish and it had reached the $9800 level by 18:00 GMT. Before closing the day, BTC reached a day’s high of $10048.37 US Dollars. At the time of writing, Bitcoin trades at $9999.36 US Dollars.
The Relative Strength Index (RSI) appeared bullish on the full-featured chart, at 22:00 GMT, the RSI had reached a high of 87.30. A high value of the RSI depicts that Bitcoin was overbought at that time. At the time of writing, the RSI was observed below the 50.00 level on the hourly time interval.
Bitcoin: what’s next?
The crypto analyst was of the opinion that if the price broke above the downtrend line without seeing any pullbacks, then the cryptocurrency would see a short term move towards $10000.
Bitcoin Price Chart by TradingView
As of now, the idea seems to be in play as BTC may be moving towards its halving. The cryptocurrency turned bullish on the 7th of May saw a short term movement towards $10000.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.