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Bitcoin, on May 1st, broke through the $60,000 support level, indicating a weakening of the upward trend. While the decline clouds the short-term outlook for Bitcoin, analysts continue to hold a long-term bullish expectation. Consecutive outflows from US-based spot Bitcoin ETF funds over five days also provided little benefit to investors. Here are the notable chart analyses.
Bitcoin Chart Analysis
Bitcoin’s consolidation resolved negatively on May 1st, showing that bears overpowered the bulls. Buyers will try to push the price above $59,600, but bears likely have other plans. A drop from $59,600 would turn the level into resistance, increasing the likelihood of a fall to $54,298, the 61.8% Fibonacci retracement level.
If the price rises and exceeds the 50-day simple moving average of $66,596, this negative view will lose its validity in the near term.
Ethereum Chart Analysis
Ethereum on April 30th fell below its 20-day exponential moving average of $3,170 and the $3,056 support level, indicating that bears are in control. Sales continued on May 1st, and bears pulled the price below the solid support of $2,852. If bears keep the price below $2,852, the ETH/USDT pair could drop to $2,700 and then to $2,400.
Time is running out for the bulls, and if they want to prevent a decline, they must quickly lift the price above the moving averages. If they do, a drop below $2,850 could occur.
BNB Chart Analysis
BNB‘s candlestick on April 30th had a long tail, indicating bulls bought at lower levels but couldn’t maintain momentum. Bears continued to sell, and on May 1st, they pulled the price below the moving averages. The BNB/USDT pair could drop to the critical support of $495. This is an important support for bulls because a break below $495 could lead to a drop to $460 and then to $400.
Contrary to this assumption, if the price rises from $495 and moves above the moving averages, the range-bound movement could continue for a while longer. Bulls will need to overcome the $635 barrier to start the next leg of the upward trend.
