Bitcoin (BTC) Price Analysis: Struggling to Break Above $32,600

7:43 am, Wed, 11 May 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $30,500 mark and is trying to gain bullish momentum on the lower timeframes. It has found major support around the $30,000 mark and it would be interesting to see whether bulls will push hard to hold this level, or the bears will break it. As mentioned in our previous analysis, a relief rally is also on the cards as the $30,000 region has acted as a major support in the past as well. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the coming hours.

Bitcoin (BTC) Price Analysis 2022 May 11

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Analyzing the Charts

If we take a look at the latest Bitcoin charts, we can see that the price is struggling to break above the resistance at $32,600. It is the main resistance level we are watching for BTC right now and breaking above it could be a sign of a relief rally.

Bitcoin Price Analysis 2022 May 11

We can also notice that there is a double-bottom here on the 1-hour charts as the price has bounced twice from the support at $30,000.

BTC Price Analysis 2022 May 11

However, it is not looking like an ideal double-bottom as the price seems to be coming back for a third retest.

If we see another bounce from here that challenges the $32,600 mark it is likely that Bitcoin will break above the resistance. The next target we would be eyeing in that scenario is the $35,000 mark.

Bitcoin (BTC) Price Analysis 2022 May 11

On the other hand, if Bitcoin fails to hold $30,000 in the coming hours and bears manage to push through. The next support we will be watching for Bitcoin is the $29,200 region.

Bitcoin Price Analysis 2022 May 11

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading above the $30,000 mark and that is a positive sign. The price has bounced twice from this level already and if we see another bounce here, it is likely we will witness a relief rally for Bitcoin soon. Once the price breaks above $32,600, it could be a nice opportunity to long Bitcoin towards the $35,000 mark. However, we would be waiting for the rejection of the $35,000 mark and will be interested in shorting BTC from there.

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