Traders say bitcoin’s decline is not over yet and will test the $75,000 support level.
BlockBeats reported that on May 10, the Bitcoin price showed an upward trend after a basically stable weekend, avoiding falling back below 80,000 USD. However, after the price rose to nearly 83,000 USD midweek, it failed to hold, and traders believe Bitcoin needs to retest its support level — which they are now reiterating.
Of particular concern is the "bull market support band" — two moving averages located below 80,000 USD. Analyst Cryptic Trades said: "On lower time frames, after price was rejected at a high time frame resistance area, I think the most likely outcome is a short-term pullback to the 2-day bull market support band, a strong reversal zone in recent months." He added: "As long as price continues to hold above this support band and the broader high time frame support area (around 75,000 USD), I think the most likely result remains further upside." Trader Daan Crypto Trades agreed with this view, calling the initial movement above the support band an "unclean breakout."
On the inflation front, before new US inflation data is released next week, trader Killa warned that BTC's strong price may face another headwind. The April Consumer Price Index (CPI) will be published on Tuesday, and is expected to reflect the ongoing impact of the US-Iran war and rising oil prices on the economy. Killa wrote on X: "It's already priced in." He added: "BTC has risen after each of the last two CPI releases. However, if we refer to the 2025 CPI price pattern, we might see large players start to de-risk ahead of the event." Other support levels to watch include the area around the bull market support band; if this is lost, 74,000 USD will become the next key level.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Palantir (PLTR.US) partners with cloud custody service provider Knox to accelerate cloud deployment of critical software for the U.S. government
Palantir announced a new agreement with cloud custody service provider Knox Systems on Monday to deliver software services to the U.S. federal government via the cloud.
JPMorgan: Stabilization of bond yields may end valuation compression, combined with accelerating earnings, stock market expected to rise through the end of the year
JPMorgan stated that stabilized yields may help extend the stock market rally through the end of the year.
Nasdaq Stocks Could Crash 30% If This Happens, Experts Warn
Wells Fargo: This earnings season marks "one of the weakest starts for EPS in history," with most companies underperforming expectations
Wells Fargo stated that the start of this US earnings season has been unfavorable. In its report, the bank wrote that only about a week into the third-quarter earnings season, the earnings per share of companies that have reported results are already 0.3% lower than analysts’ general expectations.
Crypto prices
More
