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Bitcoin BTC/USD Price Prediction, Technical Analysis – May 13th

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Bitcoin (BTC), Ethereum (ETH) and Ripple's XRP price analysis
  • Bitcoin (BTC) might hit $8000 mark today.
  • BTC/USD trading at $7722 at the press time.
  • Bitcoin up by 10.64+% Ethereum by 6.77% and Ripple’s XRP by 4.90%
  • Almost all cryptocurrency today are in bullish move.

Bitcoin (BTC) is in a massive bullish move from the last 30 days. Today also it surges more than 10% and at the press time, it is trading at $7722 USD. It seems that it will soon hit the $8000 mark by the end of the day.

Bitcoin has gained a lot in the last 30 days. The BTC price is up by about 35.4% in the last 7 days while it is up by 53.2% in the last 30 days. So it seems that Bitcoin is in a bullish move and might hit $10000 at the end of this month.

Bitcoin BTC/USD Price Analysis

Bitcoin one again today is on a bullish move as the BTC price is up by 12.43% in the last 24 hours. The total market capitalization of BTC/USD is now $137,989,935,463 and the 24-hour trading volume is $26,083,798,187 USD.

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Bitcoin BTC Price Chart by TradingView

Almost all the EMA (5, 10, 20, 30, 50, 100, 200) and SMA (5, 10, 20, 30, 50, 100, 200) on daily basis is in the bullish buy zone. Even the hourly EMA and SMA are in the buying zone.

MACD Level (12, 26) for Bitcoin on a daily basis is 509.4 creating a buy pressure.

Relative Strength Index (14) for both daily and hourly basis is in the sell pressure zone.

So almost all the technical indicators like moving averages and oscillators are indicating a strong bull run.

Conclusion

After proper analyzing the Bitcoin price chart it can be concluded that BTC/USD has initial downside support at $7,299 and if the price breaks higher then the upside targets are $8092 and $8280.

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

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Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.