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Bitcoin Price Prediction: BTC/USD Looks Down Again, Fails to Stay above $9,500

Bitcoin (BTC) Price Prediction – May 23

Bitcoin (BTC), the king of all the coins, seems to have retreated and is now well behind its forecast to break the $10,000 mark in the near future.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $10,500, $10,700, $10,900

Support Levels: $8,000, $7,800, $7,600

BTCUSD – Daily Chart

Looking at the daily chart, BTC/USD is now seen trading at $9,300 at the time of trading after touching the high of $9,341. The coin is then pulling back to $9,000 and continues to head downwards. The coin hit the bottom at $9,085 with a decline of $0.41%. Finding support there, the coin then rebounded to $9,131.45.

Now, the market is deciding below the 9-day and 21-day moving averages, where the buyers are anticipating for a clear breakout. Meanwhile, the $9,800 and $10,000 levels may further surface as potential resistances should the $9,500 level holds. However, a strong bullish spike might take the price to $10,500, $10,700, and $10,900 levels.

In other words, if the market decides to go down, Bitcoin’s price may drop to $9,000, and should this support fails to contain sell-off, we may see a further roll back to $8,000, $7,800, and critically $7,600. The technical indicator RSI (14) for Bitcoin price suggests a sideways movement within the market. Meanwhile, facing downward may cause the market to fall to immediate supports.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

On the 4-hour chart, the bulls need to push the Bitcoin price to climb $9,300 above the moving averages within the descending channel to mitigate the short-term bearish pressure and also allow for an extended recovery towards $9,500. This psychological barrier may closely follow by $9,600 and $9,800 resistance levels.

BTCUSD – 4 Hour Chart

However, a sustainable move below the channel may increase the downside pressure and push the price towards $8,800 and $8,600 support levels. Considering that the RSI (14) on the 4-hour chart is moving around 43-level, suggesting sideways movement for the market.

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.

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