Bitcoin BTC/USD Price Prediction, Technical Analysis – May 12th

• Bitcoin today hits 8-months high and is close to $7000 mark.
• BTC trading at $6937 at press time.
• Almost all other Altcoins are in the green zone.
• Today Market capitalization of cryptocurrency market hits $200 Billion.
• Ethereum (ETH) and Ripple’s XRP is also up by 10.78% and 7.92% respectively.

This month the market for cryptocurrency is favourable for the crypto traders. Almost all cryptocurrency including Bitcoin, Ethereum, Ripple etc. is making new levels.

Today the price of Bitcoin hits almost 8-months high and will soon hit the $7000 mark. The market capitalization of the whole cryptocurrency market today reaches $211 Billion at the time of writing this post.

Bitcoin BTC/USD Price Analysis

Bitcoin today hits its 8-month high and is up by almost 8.27% in the last 24 hours. At the press time, BTC is trading at $6937 and there is, a chance that it will hit the $7000 mark by the end of the day.

The 24 hour traded volume of Bitcoin (BTC) is $25,375,625,642 USD and the market capitalization of BTC at press time is $122,755,965,979 USD.

The BTC price chart is in a bullish move and will soon set new records. Almost all the technical indicators like moving averages and oscillators are indicating towards a massive buy signal.

Exponential Moving Average (5, 10, 20, 30, 50, 100, 200) and Simple Moving Average (5, 10, 20, 30, 50, 100, 200) on daily basis is indicating towards a massive buy signal.

Volume Weighted Moving Average (20) for Bitcoin is 5852.8 and is in the buy pressure zone.

Relative Strength Index (14) for BTC on a daily basis is 86.8 which is in the trap of sell pressure zone.

MACD Level (12, 26) is 372.4 and is in the favourable condition indicating towards a buying signal.

Conclusion

After proper analyzing the Bitcoin price chart it can be concluded that it will soon taste the next level of $7000 mark. The support level for BTC in case if it hits $7000 mark is $6800 USD.

This article should not be considered as investment advice. Please conduct your own research before investing in any cryptocurrency.