Bitcoin (BTC) Price Analysis for May 4


Bulls are back in the game, as most of the coins are again in the green zone.

Top coins by CoinMarketCap


Bitcoin (BTC) is one of the biggest gainers today, rising by 2.28%.

Image by TradingView

On the hourly chart, the rate of Bitcoin (BTC) has set the local support level at $28,694. At the moment, traders should pay attention to the daily closure. If it happens above the zone of $29,000, there is a chance of seeing a further bounce back to the resistance at $29,378 tomorrow.

Image by TradingView

Despite today’s growth, the price of BTC keeps trading sideways, in the middle of a wide channel. One can think about possible midterm growth only if the rate fixes above the area of $30,000.

Until that happens, there is a low chance of seeing a trend reversal.

Image by TradingView

A similar picture can be seen on the weekly chart as the price of Bitcoin (BTC) keeps accumulating energy for a further sharp move. As neither buyers nor sellers have seized the initiative yet, ongoing consolidation in the range of $28,000-$30,000 is the more likely scenario.

Bitcoin is trading at $28,939 at press time.