Bitcoin Price Prediction for Today, May 17: BTC May Retrace Below $30,000 ByAzeez MustaphaPRO INVESTOR Updated: 17 May 2022 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 The Bitcoin price prediction indicates bearish momentum as further upside was rejected during the European session. Bitcoin Prediction Statistics Data: Bitcoin price now – $30,149 Bitcoin market cap – $573.5 billion Bitcoin circulating supply – 19.0 million Bitcoin total supply – 19.0 million Bitcoin Coinmarketcap ranking – #1 BTC/USD Long-term Trend: Bearish (Daily Chart) Key levels: Resistance Levels: $37,000, $39,000, $41,000 Support Levels: $24,000, $22,000, $20,000 BTCUSD – Daily Chart Buy Bitcoin Now At the time of writing, BTC/USD is hovering at $30,149, and there have been instances when BTC has exchanged hands below $30,000 sustaining the bearish price action is a downhill task. At the time of writing, the path of least resistance is still downwards, and the daily chart shows that the formation of a bearish may come to play. Bitcoin Price Prediction: BTC Fails to Stay Above $30,000 According to the daily chart, the Bitcoin price is not yet ready for the upside as the Relative Strength Index (14) is still hovering below 40-level. This could mean that there may still be a room that could be explored by the bears as the Bitcoin price may continue to follow the downtrend in as much as the king coin remains below the 9-day and 21-day moving averages. On the upside, recovery may not come easy as the support will have to be sorted for above the 9-day moving average. Meanwhile, a sustainable move above this barrier could be located at $33,000, which may allow for an extended recovery towards the resistance levels at $37,000, $35,000, and $33,000. However, an increase in selling pressure across the market could force the Bitcoin price towards a painful path and through various tentative supports at $24,000, $22,000, and $20,000. BTC/USD Medium-Term Trend: Ranging (4H Chart) On the 4-hour chart, the Bitcoin price is now trading within the 9-day and 21-day moving averages. BTC/USD has just survived crossing below $30,000 as the market is trying to recover from the bearish momentum. However, BTC/USD is likely to return to the bull market if the price breaks above the upper boundary of the channel. Meanwhile, higher resistance could be located at $33,500 and above while the technical indicator Relative Strength Index (14) moves above 50-level. BTCUSD – 4 Hour Chart On the other hand, if the bearish movement steps back, the support level of $28,000 may not be able to hold the selling pressure. More so, BTC/USD is likely to fall to $26,000 and below if the price fall, and faces the lower boundary of the channel. Looking to buy or trade Bitcoin (BTC) now? Invest at eToro! Buy Bitcoin Now 68% of retail investor accounts lose money when trading CFDs with this provider Read more: How to buy Bitcoin How to buy Cryptocurrency Join Our Telegram channel to stay up to date on breaking news coverage