Bitcoin Price Movement Analysis for 1st May, 2021

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Bitcoin has recovered 17.58 percent on the 26th of April, despite falling to $46,900 on the 25th. Breaching critical thresholds of $51,000 and $56,000 signalling traction, but the expiry of options on 30 April could have played a part in holding the market above $54,000 ($3.9 billion contracts expired at $54,000).

At the time of writing, BTC was trading below its immediate short-term resistance of $58,300, indicating that Bitcoin could be due for a reversal based on its recent results.

 

Bitcoin 1-hour chart

Significant short-term price ranges were defined using Fibonacci lines. As previously said, BTC easily surpassed $51,647, $54,178, and $56,225 on the indexes. The press time price spectrum, on the other hand, may face a higher resistance level.

With the SSL predictor and the 50-period moving average both totally bullish, it is difficult to predict anything other than a price increase, but the possibility of sideways trading was also valid. Taking a breather over the next few days may allow Bitcoin to close the gap to its most recent ATH of $65,000 without being overbought in the short term.

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Market Rationale

Source: BTC/USD on Trading View

The MACD and Awesome Oscillator both confirmed a time of correction or consolidation. According to the tracker, bullish momentum has diminished from this point over the last month, and the MACD signal has also shown a bearish turnaround.

At press time, the Relative Strength Index (RSI) was in the overbought category, and this range will be maintained by traders if the stock trend continues sideways and does not see a direct fall. The RSI will be pulled down somewhat by selling demand, but buyers may continue to dominate.

Conclusion

Although market structure suggests a time of consolidation or stagnation, it is important to remember that in 2021, trading with the trend has been crucial. Without a break, it is likely that BTC will rise above $60,000 over the next 24 hours, but the market could cool off a little before its next leg up the charts.

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