Bitcoin Price Prediction for Today, May 24: BTC May Retrace Above $29,500
The Bitcoin price prediction shows BTC is rising from the opening price of $29,000 as the buying interest approaches $30,000.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $29,340
- Bitcoin market cap – $559.9 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: $35,000, $37,000, $39,000
Support Levels: $24,000, $22,000, $20,000
BTC/USD is moving sideways as the coin establishes a cross above $29,000 but currently rebounding to cross above the 9-day moving average. The buyers may begin to look for some resistance levels on their way to the upper boundary of the channel.
Bitcoin Price Prediction: BTC Price May Reclaim $30,000 Level
The Bitcoin price is facing the resistance level of $29,500 and looking forward to reclaiming the resistance level of $30,000. However, the daily chart reveals that if the king coin crosses above the 9-day moving average; this may confirm the next direction that the coin will follow. On the contrary, BTC/USD may decline if the $29,000 support breaks down, but the price could rise if the $31,000 resistance is reached.
At the time of writing, the technical indicator Relative Strength Index (14) remains below the 40-level to indicate sideways movement. Therefore, if the Bitcoin price crosses above the 9-day and 21-day moving averages, it could hit the resistance levels of $35,000, $37,000, and $39,000 but any movement below the lower boundary of the channel could hit the supports at $24,000, $22,000, and $20,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is below the 9-day and 21-day moving averages as the technical indicator Relative Strength Index may cross above the 50-level. From above, if the Bitcoin price crosses above the moving averages, the bullish influence could spike and the accrued gains massively.
However, the current candle could retreat below the lower boundary of the channel and may target the support level of $28,000 and below, but the best the bulls can do is to hold above the resistance level of $30,000 and keep their attention on breaking the potential resistance at $31,000 and above.
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