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Bitcoin Price Prediction: Bitcoin Hovers Above $9,200; Is Bitcoin Returning to Retest $10,000 Overhead Resistance?

Bitcoin (BTC) Price Prediction – May 24, 2020
Since the decline on May 21, BTC/USD pair has failed to move up above $9,300; rather it is showing signs of weakness. The king coin seems to be unstable as price hovers above $9,200. As the market continues its consolidation above $9,200, a breakout or breakdown may follow.

Key Levels:
Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Expectations are high as a breakout above $9,200 will signal the resumption of the upside range consolidation between $9,300 and $10,000. In this range the bulls have been retesting the $10,000 resistance over the month of May. Bitcoin is capable of extending its bullish run to $11,400 if the bulls are successful above the resistance. Presently, BTC has dropped out of this range because of the bulls’ inability to break the resistance level.

This will portend a negative move downward. After the consolidation above $9,200, if a breakdown to $9,000 low occurs, the selling pressure can extend to the next support above $8,500. The downward move can also extend to $8,200 if the $8,500 support cracks. Meanwhile, BTC is still hovering above $9,200 at the time of writing. The king coin is at level 53 of the Relative Strength Index period 14. This implies that BTC is still in the uptrend zone and it is likely to rise.

BTC/USD Medium-term Trend: Bullish (4-Hour Chart)

BTC/USD – 4 Hour Chart

On the 4 hour chart, after the recent breakdown, the $9,000 support is holding as price moves up and consolidates above $9,200. As the market consolidates, the price action is indicating a series of small body candlesticks. These candlesticks are either Doji or Spinning tops which describes that buyers and sellers are undecided about the next move of Bitcoin. Meanwhile, BTC has risen above 50% of the daily stochastic which indicates that the market is in a bullish momentum.

 Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.