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Bitcoin Dips From $66,000 But Defiant CEO Projects A 300% Surge

Bitcoin is flat and down, and price action is boring. While losses were contained on May 8, sellers seem to have an edge, looking at the resistance for higher highs yesterday. The bar ended as a doji, slightly in favor of bulls. Even so, there must be a wide-ranging bar pushing prices above the local resistance for traders to begin considering going long. If yesterday’s sellers press on, BTC might slip lower, cracking below $60,000—a psychological level.

At press time, Bitcoin is steady on the last day and up 7% in the previous trading week. Of note, trading volume is also decent, at over $24 billion. Expectedly, the near-flat price action has contributed to this weak participation. Unless there is a dump below $60,000 or an expansion above $66,000, trading volume will remain muted.

Bitcoin Daily Chart for May 9

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The following Bitcoin news will influence price action in the days ahead:

  • Taking to X, the founder of CryptoQuant predicts BTC to more than 3X in the coming years. In a post, the executive said Bitcoin will soar to as high as $260,000. The only problem is that it will take longer than anticipated, influenced mainly by the hash rate.
  • MicroStrategy, which is still going strong with its strategy of stacking BTC, is now among the largest holders of the coin. With more coins than the United States and China, their holding of 214,400 BTC translates to over 1% of the circulating supply.

Bitcoin Price Analysis

BTC/USD is flat at press time, steady on the last day, and up 7% over the previous week.

Even though the uptrend remains from a top-down preview, sellers are unyielding.

As we advance, Bitcoin bulls must unwind the losses of the past two days and close above $66,000 if the uptrend is to continue.

Conversely, should sellers take over, confirming losses of mid-April, BTC will likely plunge to $60,000 and retest $56,500.

Given the candlestick arrangement in the daily chart, traders might find entries to dump on every attempt higher but below the immediate liquidation line at $66,000.

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ABOUT THE AUTHOR See More
Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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