Bitcoin (BTC) Price Prediction for May 8

Sellers remain weaker than buyers today, according to CoinStats.

BTC/USD

The price of Bitcoin (BTC) has increased by 2.41% over the last day.

On the hourly chart, the rate of BTC is falling after a false breakout of the local resistance of $99,828. As most of the ATR has been passed, there are low chances of seeing sharp moves by tomorrow.

However, if the daily bar closes near $100,000, growth may continue to the $100,500 zone.

On the bigger time frame, the price of the main crypto has broken the resistance of $97,470. If buyers can hold the gained initiative and the candle closes far from that level, growth may lead to the test of the $102,000 range.

From the midterm point of view, the rate is far from key levels. In this case, one should focus on the nearest vital area of $100,000. If the weekly bar closes above it and with no long wick, the upward move is likely to continue to the $105,000-$110,000 zone.

Bitcoin is trading at $99,302 at press time.

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