Bitcoin Reclaims $58,000 Support as Bulls and Bears Resume Price Tussle

[Cristiano]

On May 3, 2021, Bitcoin (BTC) price regained bullish momentum as bulls broke the $58,000 resistance. It appears that buyers have reclaimed the $58,000 crucial support.

Bitcoin (BTC) Price Long-Term Prediction: Bullish
BTC/USD is likely to resume upside momentum. There is the possibility of price retesting the $60,000 psychological price level. In a strong trending move, the bullish momentum will extend to the highs of $61,000 and $65,000 resistance zone.

However, it is unclear if the bullish momentum will be sustained above S60, 000 high. The $65,000 overhead resistance will be tested if buyers clear the psychological price level. Nevertheless, if BTC price rises and turns down from the $60,000 resistance, the market will decline to the previous support at $57,000 or $56,000. Presently, the BTC price is trading at $58,581 at the time of writing. The bulls are struggling to sustain the price level above the $58,000 support.

https://cryptonews.net/en/news/bitcoin/605862/