Bitcoin Price Prediction for Today, May 23: BTC Stays Above $30,000 Resistance
The Bitcoin price prediction shows that BTC is trading at $30,476 as the coin seems to be preparing for another upward movement.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $30,476
Bitcoin market cap – $572.9 billion
Bitcoin circulating supply – 19.0 million
Bitcoin total supply – 19.0 million
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $36,000, $38,000, $40,000
Support Levels: $25,000, $23,000, $21,000
BTC/USD is trading towards the 21-day moving average at $30,476 as the coin prepares to gain additional bullish movement. Today, the first digital asset is likely to extend towards the resistance level of $32,000 if the bulls put more pressure on the market.
Bitcoin Price Prediction: Is $35k Resistance Coming for BTC?
At the time of writing, the Bitcoin price is hovering within the 9-day and 21-day moving averages, any further bullish movement above this barrier may locate the potential resistance levels at $36,000, $38,000, and $40,000. However, when the new uptrends are gathering, traders may use the moving averages as a pivot resistance point to gauge the strength of the trend. Therefore, if BTC/USD soars toward the upper boundary of the channel, this could be a sign of sustainability and could result in a bullish continuation.
On the contrary, if the BTC price fails to move up; traders may see a price cut towards the lower boundary of the channel, and a further low could bring the price to the support levels at $25,000, $23,000, and $21,000 respectively. As it stands now, the Bitcoin price is likely to rise as the technical indicator Relative Strength Index (14) moves to cross above the 40-level.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price continue to move sideways for the past few days and the bulls are trying to come back into the market by keeping the market price above the 9-day and 21-day moving averages. If not, the support level of $28,500 and below may come into focus.
However, if the bulls keep the market above the 9-day and 21-day moving averages, traders may expect a touch of the $31,000 resistance level, and breaking this level may further push the price towards the resistance level of $32,000 and above as the technical indicator Relative Strength Index (14) moves around 60-level, suggesting sideways movement.
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