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Bitcoin Price Prediction: BTC/USD Remains at $40,500

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Bitcoin Price Prediction – May 20

Our Bitcoin price prediction shows that BTC/USD is up by more than 10% as the price struck a sudden and bullish price spike.

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

Key levels:

Resistance Levels: $50,000, $52,000, $54,000

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

BTCUSD – Daily Chart

BTC/USD is currently pushing the price towards the 9-day moving average. The coin is moving above $40,000 to trade at $40,574 at the time of writing. More so, the first digital asset is moving with strong bullish momentum after a sustainable break below the channel. The Bitcoin price has gained over 10.46% since the European session.

Bitcoin Price Prediction: Can Bitcoin Price Go Up or Down?

The return above $40,000 could set the framework for gains towards $45,000. Meanwhile, the technical analysis shows that the bulls are ready for action especially when the up-trending Relative Strength Index (14) is considered. Any further bullish movement above the 9-day moving average could pave the way for the gains toward the resistance levels of $45,000, $50,000, and $55,000.

On the downside, if the price falls back below the $35,000 level and moves to cross below the channel, the bears may wrestle out control over the situation very quickly. This may likely serve as a major blow for the market sentiments as traders could interpret it as a sign of underlying weakness. The next important supports may come at $31,000, $27,000, and $22,000.

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

The 4-hour chart reveals that the Bitcoin price is currently trading around $40,497 within the 9-day and 21-day moving averages after recovering from $38,172 in the last few hours. However, the 4-hour chart shows that bulls are stepping up slowly in the market while the bears are also trying to bring the price down.

BTCUSD – 4 Hour Chart

Moreover, if the buyers could energize and push the price above the channel, the Bitcoin price could test the resistance level of $45,000 and above. Meanwhile, the Relative Strength Index (14) is currently moving around 40-level, but when it turns down; the bears could step back into the market and may bring the price to the support level of $36,000 and below.

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