Bitcoin (BTCUSD) Price Forecast: May 8
Bitcoin is currently trending up and may continue rising as the crypto market recovers. The coin may likely increase further if the bulls can push the price high and the market price sustains above the $73079.99 high mark, the potential rally could surge above the $75000.00 upper higher level, resulting in a great investment for the crypto traders.
Key Levels:
Resistance Levels: $62000.00 $63000.00, $64000.00
Support Levels: $50000.00, $49000.00, $48000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD price may continue rising as the coin market is witnessing a remarkable recovery and remains bullish on the higher time frames. The coin price now holds above the $62000.00 supply level which is above the moving average lines indicating an uptrend.
However, the bullish action to a $63902 high level during yesterday’s session has made the crypto price continue rising and remain above the trend line in its recent high.
The coin price breakout at the $65523.44 resistance value above the EMA-50 as the daily chart opens today indicates the high buying impact of the bulls on the asset resulting in intraday gains.
Thus, the Bitcoin price may continue rising, if the bulls could add more aggression to their buying motives, the $73709.99 previous high level might be retested soon, bolstering buyers for a sustainable rally.
Hence, the market is pointing up on the daily signal; this will quicken the emergence of more buyers to move the price of BTCUSD up to a significant level on the upside and this might hit the $75000.00 supply trend mark as the Bitcoin price continues rising in its higher time frame.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
The coin also trades in a bullish trend market and may continue rising in the medium-term outlook. This is due to the high impact of the long-term traders on the price flow. 
The persistent bullish pressure to the $63880.90 high level in the previous action has led to the coin’s recent high and may continue rising.
At the time of writing, the BTCUSD price now holds above the resistance level at $65523.44 as the 4-hourly chart resumes today. Thus if this bullish growth pattern is steady, the coin price may continue rising and an established uptrend will be achieved for future growth.
Additionally, the pair is pointing up on the daily signal at around level 75%: this indicates that the market selling pressure has ended. We now expect the price distribution to reach a high level of $75000 soon in its medium-term time frame.
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