On May 8, 2023, the price of Bitcoin shows a slight increase, but traders are questioning the direction of future prices.
Price Dynamics of Bitcoin
In the last day, the price of Bitcoin has increased by 2.41%. On the hourly chart, BTC is falling after a false breakout of the local resistance at $99,828. With most of the ATR already passed, the chances of sharp price movements until tomorrow are low.
Short-term Predictions
If the daily candle closes near the $100,000 mark, growth may continue to the $100,500 zone. On the larger time frame, Bitcoin's price has broken the resistance level at $97,470. If buyers can maintain their initiative, this could lead to a test of the $102,000 range.
Medium-term Outlook
From a mid-term perspective, the current price is far from key levels. The crucial area to watch is around $100,000. If the weekly candle closes above this level with no long wick, an upward movement towards the $105,000-$110,000 zone is likely.
As of the time of writing, Bitcoin is trading at $99,302. Traders should closely monitor key levels that may prove decisive for future price movements.
