Search Inside Bitcoins

Bitcoin Price Prediction: BTC/USD Price Plunges to $8,718; Can Bulls Still Save The Day?

Bitcoin (BTC) Price Prediction – May 26

Today, Bitcoin (BTC) started a sharp decline from the $9,022 resistance and currently declined towards $8,700, but it is likely to find strong bids near $8,600.

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

Key levels:

Resistance Levels: $10,200, $10,400, $10,600

Support Levels: $7,600, $7,400, $7,200

BTCUSD – Daily Chart

BTC/USD price is down more than 0.54% and it is now trading near the $8,900 level. The pair is trading above a couple of important supports near $8,500 and $8,300 as the price faced a strong selling interest near the $8,600 resistance zone. The coin touches the daily high at $9,022.72 and the price started a solid downside correction.

More so, as the Bitcoin price settled below the 9-day and 21-day moving averages, it opens the doors for more losses and the price broke the $6,650 level. A low is formed near $8,700 and the price is currently correcting higher. Therefore, BTC/USD needs to climb back above the $8,900 and $9,200 levels to resume its upward move towards $10,200, $10,400, and $10,600.

On the downside, the daily chart reveals the key supports near $8,500 and $8,300. If Bitcoin’s price fails to stay above the $8,300 support, there is a risk of a larger downside correction. The main support is near the $8,600 level, below which BTC/USD is likely to turn bearish and decline towards the support levels of $7,600, $7,400 and $7,200 in the near term as RSI (14) for the coin is now moving below the 50-level.

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

Looking at the 4-Hour chart, BTC/USD trades within the range of $8,704 to $8,970. BTC price hovers around $8,823 and may take time to persistently trade above $8,900. The upward movement is facing hurdles near the $9,200 and $9,400 resistance level.

BTCUSD – 4 Hour Chart

However, on the downside, immediate support is near the $8,700 level while the main support is at the $8,600 level. The price may likely fall below $8,826 because the 21-day MA is above the 9-day MA to face downtrend which may likely test the critical support at $8,500 level and below. Technically, Bitcoin is currently moving sideways while the RSI (14) moves above 40-level, indicating indecisive market movement.

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.

Read next

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close