Search Inside Bitcoins

Bitcoin Price Prediction: BTC/USD Recovers Above $35,000

Bitcoin Price Prediction – May 24

The Bitcoin price is currently trading towards the 9-day moving average after the first digital asset took a dip from the resistance level of $59,592.

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

Key levels:

Resistance Levels: $44,000, $46,000, $48,000

Support Levels: $28,000, $26,000, $24,000

BTCUSD – Daily Chart

BTC/USD bulls may be back in action today after staying under solid pressure over the previous days. However, the Bitcoin price is up 8.02% as of writing this and it is currently hovering above the $35,000 level. The cryptocurrency had been in a downtrend for the previous week as it dropped to reach its monthly low at $30,000 support.

Bitcoin Price Prediction: Where is BTC Price Going Next?

At the time of writing, BTC/USD is trading at $37,545 with a gain of 8.02% on the day. The trading is likely to cross above the 9-day moving average as the technical indicator Relative Strength Index (14) moves out of the oversold region. It is important that the bulls climb above the 9-day MA as this would allow them to focus on higher levels towards $45,000.

Meanwhile, any declines below the lower boundary of the channel could easily re-open the way to the south. The breakdown towards $32,000 is not out of the picture because the losses in the last few days show that BTC/USD may not be technically ready for the breakout above $50,000. Looking at the daily chart, the Bitcoin price is making an attempt to regain ground by moving the market price to the next level.

Moreover, any bullish movement above the 9-day MA may push the price to the resistance level of $44,000, $46,000, and $48,000 while the supports are located around $28,000, $26,000, and $24,000 respectively.

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

The 4-hour chart reveals that the Bitcoin price crosses above the 9-day and 21-day moving averages and if the price continues to rise further and move above the upper boundary of the channel, it could reach the nearest resistance levels at $42,000, $44,000, and $46,000 respectively.

Bitcoin Price Prediction
BTCUSD – 4 Hour Chart

Moreover, if the bears push the coin below the 9-day and 21-day moving averages, the price of Bitcoin may likely reach the closest supports at $34,000, $32,000, and $30,000. Presently, the technical indicator Relative Strength Index (14) is seen moving around the 50-level, crossing above it may confirm the bullish trend for the market.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

75% of retail investor accounts lose money when trading CFDs with this provider

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