Bitcoin Price Prediction: BTC/USD Rangebound Around $39,000 ByAzeez MustaphaPRO INVESTOR Updated: 03 June 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin Price Prediction – May 27 The Bitcoin price is seen moving sideways around $39,319 and it may be vulnerable to a bigger correction. BTC/USD Long-term Trend: Ranging (Daily Chart) Key levels: Resistance Levels: $48,000, $50,000, $52,000 Support Levels: $31,000, $29,000, $27,000 BTCUSD – Daily Chart BTC/USD sees a sudden sell after yesterday’s gains as it dropped from a high of $40,440 to as low as $37,191. Though the Bitcoin price is attempting to bounce back as the recent drop is pushing the momentum within the bearish favor and this could be the start of a further retracement lower. Bitcoin Price Prediction: What to Expect from Bitcoin (BTC) Looking at the daily chart, we can see that Bitcoin rolled over from above the $40,000 resistance level as it started its descent lower. Therefore, it is about to drop beneath the 9-day moving average at $38,200 but manages to find support around the $37,191 which may allow it to bounce back higher. Buy Bitcoin Now However, if the sellers continue to drag the Bitcoin price back beneath the support at $35,000, the first level of lower support is located at $33,000. Beneath this, the critical support lies at $31,000, $29,000, and $27,000. On the other hand, if the bulls bounce above the 9-day and 21-day moving averages, they could reach the nearest resistance levels at $48,000, $50,000, and $52,000. On the other hand, the technical indicator Relative Strength Index (14) is moving above 35-level which shows that the market may still follow an upward movement for a market recovery if the signal line crosses above 50-level. BTC/USD Medium – Term Trend: Bearish (4H Chart) On the 4-hour chart, BTC/USD has been trading within the range of $46,800 to $36,500 been revealed by the technical indicator Relative Strength Index (14). Nevertheless, the Bitcoin price has not yet slipped below $35,000 but still in the loop of making a bounce back. However, the Bitcoin price is changing hands at $39,286 and may take time to persistently trade above $42,000. BTCUSD – 4 Hour Chart Moreover, according to the 4-hour chart, if the coin crosses above the upper boundary of the channel, the upward movement could be facing hurdles near the $43,000 and $45,000 resistance levels. Meanwhile, on the downside, immediate support is near the $38,500 level while the price might slide sharply below $37,000 which may likely test the main support at the $36,000 level and below. Looking to buy or trade Bitcoin (BTC) now? Invest at eToro! Buy Bitcoin Now 75% of retail investor accounts lose money when trading CFDs with this provider Join Our Telegram channel to stay up to date on breaking news coverage