Bitcoin

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The bears' pressure continues on the market, according to <a href="https://u.today/shib-price-prediction-for-may-7" rel="noopener noreferrer nofollow">CoinStats</a>. <img data-entity-type="file" data-entity-uuid="bb926f80-0986-4cb9-b343-0895fbb0055a" src="https://u.today/sites/default/files/inline-images/top10_1103.png">BTC chart by&nbsp;<a href="https://coinstats.app/coins/" rel="noopener noreferrer nofollow">CoinStats</a>
<h2 id="btc-usd">BTC/USD</h2>
The price of Bitcoin (BTC) has dropped by 2.83% since yesterday. <img data-entity-type="file" data-entity-uuid="0a014e9c-5cd4-419c-9513-b1df9b6cd009" src="https://u.today/sites/default/files/inline-images/btc1_194.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/BTCUSDT" rel="noopener noreferrer nofollow">TradingView</a>
On the hourly chart, the rate of BTC is trying to fix below the local support level of $62,0.54. If that happens, the correction may continue to the $61,000 zone soon. <img data-entity-type="file" data-entity-uuid="c5cb375c-7f08-45ce-af25-3ef813e207a4" src="https://u.today/sites/default/files/inline-images/btc2_175.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/BTCUSDT" rel="noopener noreferrer nofollow">TradingView</a>
On the daily time frame, there are no reversal signals yet. If the bar closes near its low, there is a high possibility of seeing an ongoing decline to the $60,000-$61,000 area by the end of the week. <img data-entity-type="file" data-entity-uuid="4c209b9d-e922-4982-9f4b-d5ab8529d4b4" src="https://u.today/sites/default/files/inline-images/btc3_174.png">Image by&nbsp;<a href="https://www.tradingview.com/symbols/BTCUSDT" rel="noopener noreferrer nofollow">TradingView</a>
The weekly bar is coming back to the support level formed by a false breakout.&nbsp;
If buyers cannot seize the initiative shortly and lose the vital $60,000 zone, one can expect a test of $55,000.
Bitcoin is trading at $62,026 at press time.

Bitcoin (BTC) Price Prediction for May 8

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