Bitcoin is relatively firm at spot rates, edging higher after the scare of the first half of the week. While prices rose, breaking $63,000 yesterday, bulls must sustain the current momentum, lifting the coin ideally towards this week’s highs and even $66,000. It is imperative Bitcoin close above this level for the confirmation of last week’s bulls. This upswing will likely ignite demand, pushing the coin towards the $70,000 level.

With Bitcoin turning green yesterday, optimism is high. At press time, BTC is stable on the last day but up 7% in the previous trading week. Because of prices rejecting sellers, the average trading volume on the previous day is expanding. When writing, it stands at over $26 billion.

The following Bitcoin news events are worth watching:

• For the first time since the April 20 Halving, the Bitcoin network adjusted its mining difficulty from the all-time high of 88.10 trillion. By dropping difficulty by 5.62% to 83.15 trillion, the reduction was the largest since December 2022, when prices plunged to as low as $15,500 following the collapse of FTX. This adjustment could hint that miners are feeling the straight. Even so, the hash rate remains at near record highs.
• Donald Trump, the former United States president, now says he’ll accept crypto as part of his campaign donations. Trump also told his supporters that Joe Biden “doesn’t even know” what crypto is.

Bitcoin Price Analysis

BTC/USD is firm, rejecting selling pressure on May 9. 

Even though the selling momentum continues, that price is firm is a net positive for buyers. 

So far, BTC has support from around the $62,000 level. It coincides with the 62.8% Fibonacci retracement level of the May 2024 range.

For the uptrend to continue, mirroring gains of May 3, Bitcoin prices must edge higher today, even breaking $66,000.

Any drop below $60,000 will slow down bulls, while an unexpected crash below $56,000 will firmly put sellers in control.