Bitcoin (BTC) Price Prediction for May 19

Bears have seized the initiative on the last day of the week, according to CoinMarketCap.

BTC/USD

The price of Bitcoin (BTC) has declined by 0.19% since yesterday. Over the last week, the price has risen by 9.57%.

On the hourly chart, the rate of BTC is looking bearish as it is returning to the support level of $66,853. If nothing changes by the end of the day, one can expect a breakout followed by a move to the $66,500 area.

On the bigger time frame, the price of the main crypto has made a false breakout of the resistance at $67,482. If the candle closes near its low, there is a chance of a drop to $66,000 the upcoming week.

A better situation is on the weekly time frame. The bar is about to close near the $66,900 level.

If bulls can hold the gained initiative, the accumulated energy might be enough for a further upward move to $70,000.

Bitcoin is trading at $66,863 at press time.

Source