On Wednesday, May 5, Bitcoin trading ended in growth

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Buyers raised the rate 7.96% to $ 57,436, blocking the May 4 decline. According to technical analysis, Bitcoin is expected to strengthen closer to the American session or on the Friday before Saturday Night Live, which will take place on May 8. On the show, Elon Musk will act as a TV presenter.

Musk actively pumped DOGE on Twitter and called himself "Dogefather". In the rating, the token took 4th place by capitalization with a market capitalization of more than $ 80 billion. There are thoughts that the market will remain bullish before this event.

The share of bitcoin is 46.17%, with a power reserve of up to 42%. Alts may continue to rise in price against Bitcoin and the dollar. If the BTC / USDt pair grows faster than altcoins to USDt, then the share of bitcoin will increase. It is not so bad in comparison if the share rises due to the collapse of the altos.

Bitcoin needs to gain a foothold above $ 60 thousand. On intraday charts (up to 1H), resistance levels are $ 58,600 and $ 62,400. In case of an unexpected fall in the price below 52355, the continuation of the rally will be a big question. Given the recent liquidity and low volumes, the downside scenario should not be dismissed.

Summary: on Wednesday, bitcoin rose in price by 7.96%, to 57436 and is ready to continue the rally to the psychological level of 60 thousand. Saturday Night Live show, where I. Mask will act as a TV presenter, can act as a trigger for the beginning of a new upward movement. Resistances are the levels of $ 58600 and $ 62,400. In the event of an unexpected price drop below 52355, the continuation of the rally will be a big question.

Posted Using LeoFinance Beta



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