Bitcoin (BTCUSD) Price Forecast: May 6
The BTCUSD price is likely to surge higher to retest its previous high level at $73709.99 as it faces the resistance level. The crypto trading above the supply levels even on the 4-hour chart may continue its uptick trend. The price could still go higher if the bulls are able to break up the $73709.99 value, the next target by the coin traders could be the $75000.00 upper high level.
Key Levels:
Resistance Levels: $61000.00 $62000.00, $63000.00
Support Levels: $50000.00, $49000.00, $48000.00
BTC (USD) Long-term Trend: Bearish (Daily Chart)
The BTCUSD price is likely to retest its previous high soon as we can see the bulls making a recovery attempt below the supply levels in its higher time frame. The coin price is slightly below the moving averages. Thus, the price may surge higher to retest the previous high soon.
The bearish pressure at the $56500.00 support level in the last few days has made the coin stay below the supply trend levels in its recent low.
The bulls made a touch at the $64193.57 high level below the EMA-50 as the daily session begins today.
With the overall market trend still bearish, the Bitcoin price may likely surge higher to retest the higher accumulation zone of $73709.99 to restore the recovery sentiment in the crypto market.
In addition, the BTCUSD market is in an upward direction on the daily stochastic. This means that the selling pressure is not likely, we can therefore expect the returns of the long traders to drive the coin price to retest the above-mentioned previous high, which likely surge higher to hit the $75000.00 level soon in its higher time frame.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
BTCUSD pair is positive and may likely retest its previous high level soon in its medium-term outlook. The price responded to the shift in the market structure and is currently above the moving averages. 
The pressure from the bulls to the $63473.19 supply value during the last few hours has sustained the coin price above the supply trend levels in its recent high and this is likely to retest its previous high soon.
Today, the buy investors made a rally upwards to a $63933.56 resistance level above the EMA-50; this implies an uptrend and also shows a bullish impact on the coin. Thus, more upsides are possible as buyers are seen clustered around the market presently.
In addition, under the influence of this market level, the price of Bitcoin could rise steadily soon to retest the previous high of $73709.99 level to reach the $75000.00 resistance level in the coming days as we watch the crypto market turns strongly bullish soon in the medium-term perspective.
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