Bitcoin Is Approaching an Important Resistance Level on the Daily Charts

Bitcoin (BTC) is currently approaching an important resistance level on the daily charts. The largest cryptocurrency by market cap hit a slight rebound after touching $94,919. If Bitcoin price rallies past $95000, we might also see some recovery in altcoins. XRP, ADA and Dogecoin are all down by more than 2% at the time of writing.

As for XRP, the altcoin is still holding in a long-term bullish pattern, with analysts saying there might be one more price increase to come before a big correction.

Despite the good signs in the longer time frame, the shorter time frame remains unclear. The recent price action doesn’t have a strong structure, and while there is some minimal support between $2.16 and $2.26, the momentum remains low. A fall below $2.11 would cancel the current short-term bullish wave count and could delay the rally.

According to analyst EGRAG Crypto, XRP price could be setting up for a ‘mega monthly candle close.’ The analyst has his mind set on $27, but the measured move, as shown by the chart, is aiming for a huge $55 level.

Will Bitcoin Price Rally in May?

Now, if Bitcoin price does rally, we might also see XRP and other altcoins post some gains. But the question is will May be a bullish or bearish month? May is recognized for the saying "Sell in May and go away," but Bitcoin’s history tells a different tale.

Over the last 15 years, Bitcoin has finished May with gains 9 times and losses 6 times—that’s about 67% of the time in the green.

Data from Coinglass also shows that, on average, Bitcoin has generated over 7.9% in May over the last 12 years. This indicates May has often been a good month for Bitcoin, although it’s best to keep in mind that past performance isn’t a guarantee of future results.