Bitcoin Price Analysis: BTC Bulls Back In Control, Market Higher By 18% Since Halving

By Yaz Sheikh
Published May 15, 2020 Updated May 15, 2020
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Bitcoin Price Analysis: BTC Bulls Back In Control, Market Higher By 18% Since Halving

By Yaz Sheikh
Published May 15, 2020 Updated May 15, 2020

Top Lines for today’s bitcoin price analysis are:

  • Bitcoin has seen a 3.5% price hike over the past 24 hours as the coin reaches $9,634.
  • The coin has finally started to surge after the block halving earlier during the week.

Bitcoin saw a 3.5% price increase today as the coin reaches the $9,640 level. The cryptocurrency underwent a block halving 3-days ago which saw the block reward for BTC miners being cut in half from 12.5 BTC per block to just 6.25 BTC per block.

With miners sending 50% less BTC to exchanges it seems that this is having a positive impact on the price for BTC as it surges by 3.5% today. In fact, it has surged by a total of around 18% from the low that was seen just 3-days ago and has actually managed to reach as high as $9,950 in today’s trading session before the sellers stepped in and pushed the market lower.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

BTC/USD. Source: TradingView
  • Market Overview

Taking a look at the daily chart above, we can see that BTC managed to rebound from the short term .236 Fibonacci Retracement level a few days ago at $8,600. Since rebounding, the coin went on to increase as it climbed above resistance at $9,000, $9,600 to reach as high as $9,950 today.

It has since dropped slightly as it trades at the $9,650 level. Nevertheless, it does seem that the bulls are in control of the market once again. 

  • Short term prediction: BULLISH

BTC remains bullish in the short term and would have to drop beneath $8,600 to tune neutral again. It would have to drop further beneath $8,000 before being in danger of turning bearish.

If the bulls continue to push higher, the first level of resistance lies at $9,753 (bearish .886 Fib Retracement). Above this, higher resistance lies at $9,9986 (1.272 Fib Extension), $10,000, $10,247 (1.414 Fib Extension, and $10,500.

On the other side, if the sellers push lower, the first level of support lies at $9,600. This is followed by support at $9,500, $9,100, $9,000, and $8,600.

  • Key Levels

Support: $9,600, $9,500, $9,100, $9,000, $8,600, $8,500.

Resistance: $9,753, $9,986, $10,000, $10,247, $10,500, $10,620.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Yaz Sheikh
182 Articles
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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