Bitcoin Experiences 2.69% Surge but it May Still Dip to $34,927.58

In the past 24-hours, the trading price of Bitcoin has experienced a 2.69% surge in the past 24-hours. At the time of writing, the trading price of Bitcoin (BTC) is exhibiting a value of $38,877.89 per BTC.

Current Trend of Bitcoin

Although Bitcoin is experiencing a slight surge in its trading price in the past 24-hours, still, its trend is in the negative zone. If we look at the trading price of Bitcoin from a week back, we see it experienced a weighted dip of 0.29% in the past 7-days.

If we look at the performance of Bitcoin a week back, we see that on April 27, its trading price was at $39,082.36 per BTC. From there until May 3, the trading price of Bitcoin continued experiencing a dip.

The report shows that the bulls kept pushing Bitcoin’s price up while the bears continued pulling it into the negative zone. After a long battle between the bulls and the bears, finally, the bulls have succeeded in forming a low-level rally.

Despite the recent surge, the overall trend for Bitcoin is moving in the negative zone. For now, it seems that the bulls will need to form a stronger rally if they wish to shift the trend for Bitcoin into a positive one.

Bitcoin’s RSI is at 44.48

If we look at the technical analysis of Bitcoin, we see that its moving averages indicate a “strong-sell” trend. Then come the oscillators that indicate a “neutral”. However, the summary scale for Bitcoin currently indicates a “sell” trend.

The relative strength index for Bitcoin is currently at 44.48 and the ultimate oscillator for Bitcoin is currently at 44.23. The overall indication of all the growth factors is towards a bearish trend. This means that the investors may start selling Bitcoin at any time to move it into the bearish zone.

Bitcoin Price to Dip to $34,927.58

For now, the majority of the investors are leaning towards a bearish trend, and they may start selling Bitcoin to achieve their goal. In such a case, the trading price of Bitcoin may fall to a low of $37,118.9 per BTC.

Going forward, the bears may try and pull the price of Bitcoin into the strong support zone. Therefore, the bears may continue with their selling spree to pull the price of Bitcoin to a low of $35831.96 per BTC.

The bears may increase their selling efforts to hit the third strong support mark. For this purpose, they may continue selling Bitcoin until even the neutral investors start selling Bitcoin. This way, the bears may attempt and pull the price of Bitcoin to the third strong support mark of $34,927.58 per BTC.

Author: Jerry Dedmon

Jerry Dedmon is a new writer on Cryptocoin Stock Exchange, his articles are cryptocurrency news, analysis and blockchain news based. We recommend tuning in for Jerry's daily posts as they are always a great and interesting read.

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