Technical Analysis

BTC/USD Price Analysis – May 10, 2023

By LonghornFX Technical Analysis
May 10, 20231 min

Daily Price Outlook


 BTC/USD Price Chart - Source: Tradingview

BTC/USD – Technical Outlook

Bitcoin's price has fallen below $28,000 and is now approaching the $27,000 support level. If it falls below that level, it could drop to $25,000. This decline was triggered by the break below $28,800, which has caused selling pressure to push BTC to the $27,200 level.

The price is currently trading below $28,000 and the 100 hourly Simple Moving Average, and a significant negative trend line has formed on the hourly chart with resistance at around $28,150.

The next significant support level for Bitcoin is around $27,000, and any further declines could push it down to $25,500. Keep an eye on the market and trade wisely!


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