13/05/2021
After dropping nearly $9,000, Bitcoin price created a new low for the second quarter at $46,000. As recovery efforts seem to be ongoing, BTC faces pressure from the range low set up on April 18.For now, Bitcoin price remains indecisive. However, a convincing close above the resistance level at $53,300 will confirm an uptrend. On the other hand, a rejection will kick-start a downtrend that could reenter the demand zone extending from $46,930 to $49,949. Assuming a bullish scenario, Bitcoin price would primarily consolidate after clearing $53,300. This move would be similar to the one witnessed after the initial crash on April 18 or the recovery after April 26. A swift upswing that slices through $55,813 will open up the possibility of retesting $57,526 and subsequent levels.
