Bitcoin (BTC) Perpetual Contract Price Analysis: May 09

  • On May 09, the bullish BTC price analysis is at  $46882.
  • BTC’s bearish market price analysis for May 09, 2022, is $32494.5.
  • Bitcoin’s MA shows a downward trend.

In Bitcoin Perpetual Future (BTC) price analysis on May 09, 2022, we use price patterns, and the Moving Average of BTC to analyze the future movement of the cryptocurrency. 

A perpetual contract is similar to a futures contract, which allows a person to buy or sell an asset at a predetermined date for a specified price. Perpetual contracts are gaining popularity in crypto because they allow traders to hold leveraged positions without the burden of an expiration date. 

Bitcoin (BTC)

Cryptocurrency giant Bitcoin (BTC) operates free of any central control or the oversight of banks or governments. Instead, it relies on peer-to-peer software and cryptography. A public ledger records all Bitcoin transactions and copies are held on servers around the world. Every transaction is publicly broadcast to the network and shared from node to node. Every ten minutes or so these transactions are collected together by miners into a group called a block and added permanently to the blockchain. 

Bitcoin can be exchanged for cash just like any asset. There are numerous cryptocurrency exchanges online where people can do this but transactions can also be carried out in person or over any communications platform, allowing even small businesses to accept Bitcoin. 

When Bitcoin was first launched it was possible to almost instantaneously mine a coin using even a basic computer. Miners also choose which transactions to bundle into a block, so fees of varying amounts are added by the sender as an incentive. 

Bitcoin (BTC) Price Analysis

BTC price analysis on May 09, 2022, is explained below with an hourly time frame.

BTC/USDT Perpetual Descending Channel Pattern Pattern (Source: Tradingview)

A descending channel is a chart pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. The descending channel pattern is also known as a falling channel or channel down. The upper line is identified first, as running along with the highs and is called the trendline. 

The lower line is identified as parallel to the trendline, running across the bottom. It is a bearish chart pattern defined by a trendline supporting the series of lower lows and a diagonal resistance level connecting the lower highs.

Currently, the price of BTC is $32904.67. If the pattern continues, the price of BTC might reach the resistance level of $39941.5, $42681.5 & $46882.0 and the buy level of BTC is $36599.0. If the trend reverses, then the price of BTC may fall to $32494.5.

Bitcoin (BTC) Moving Average

The BTC’s Moving Average (MA) is shown in the chart below. 

BTC Perpetual Future MA (Source: Tradingview)

Currently, BTC is in a bearish state. However, BTC’s price lies below 50 MA (short-term), and it has a high chance of moving above the 50-MA level. Possibly, BTC can also move above 200 MA (long-term) soon. Once it moves above 50 MA and 200 MA levels, it completely goes to a bullish state. Moreover, there is a high possibility of a Trend reversal at any time.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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