Bitcoin Price Prediction for Today May 7: BTC Price Revisits the $34.4K Low

Bitcoin Loses $37.7K Support as It Revisits the $34.4K Low – May 7, 2022

BTC/USD has fallen to the low of $35,290 as it revisits the $34.4K low .The largest cryptocurrency is likely to further decline to another low of $33,855 as bears broke below the $37,727 support. Bitcoin is trading at $36,170 as of press time.

Resistance Levels: $70,000, $75,000, $80,000
Support Levels: $50,000, $45,000, $40,000

BTC/USD – Daily Chart

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On May 6, the Bitcoin plunged to a new low of $35,290 as bulls bought the dips. The bears are having the upper hand in the bearish trend zone. On May 4, the bulls broke the April 11 price level of $39,223 to reach the high of $40,046. The April 11 price level was the previous support level of BTC price but is now a resistance level.

Bitcoin would have rallied above the moving averages if the bullish momentum is sustained. Consequently, on May 5 and 6, Bitcoin plunged to the low of $35,290 as bulls bought the dips. The cryptocurrency has lost the $37,727 support; there is a tendency for the market to reach the lows of $33,855 and $34,425 price levels.

Top African Golfers Contest for Bitcoin Prize on Sunshine Tour

South Africa’s Sunshine Tour is sponsoring Africa’s top golfers to compete for Bitcoin prize money. Crypto platform Luno, which has a wider coverage in South Africa and the African continent has taken over the title sponsorship of the overall rankings. The Golfers are to compete for the top spot on Sunshine Tour’s overall leaderboard, the Order of Merit.

Luno has set awards for the top golfers on the Order of Merit in favor of Bitcoin. According to report, the golfer that tops the Luno Order of Merit will receive 500,000 rand worth of BTC which is equivalent to $31,000, or 30,000 euros at the time of writing. For the Second and third-placed golfers will receive 200,000 rand and 100,000 rand in BTC, respectively.

Bitcoin Price Prediction for Today May 7: BTC Price Revisits the $34.4K Low — BTC/USD – Daily Chart

Meanwhile, Bitcoin has continued to decline marginally as it revisits the $34.4K low. In the meantime, it is hovering above the $36,000 support. Meanwhile, on April 26 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC will fall but reverse at level 1.272 Fibonacci extension or $35,279.00 price level.