Bitcoin Price Prediction for Today May 17: BTC’s Price Rises Marginally but Remains above $27K

Bitcoin Consolidates as It Rises Marginally but Remains above $27K – May 17, 2023

Bitcoin’s (BTC) price has reversed its downward trend as it rises marginally but remains above $27K. The price of BTC has increased from May 12 from a low of $25,857 to a high of $27,674. As of this writing, the price of one Bitcoin is $27,011. Despite being halted, Bitcoin is currently consolidating above the $26,800 support.

Bitcoin Price Statistics Data:
•Bitcoin price now – $27,011.98
•Bitcoin market cap – $523,273,013,934
•Bitcoin circulating supply – 19,375,656 BTC
•Bitcoin total supply – $567,102,744,150
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $25,000, $20,000, $15,000

The price of Bitcoin (BTC) has been consolidating above the $26,800 support ever since the biggest cryptocurrency recovered on May 12. The price of the cryptocurrency varies between $26,800 and $27,500. The existence of Doji candlesticks has slowed down price movement. The modest price fluctuations are caused by the Doji candlesticks, which have an indecisive small body. The candlesticks show that both buyers and sellers are unsure of the market’s direction. Period 14’s Relative Strength Index is at level 41. The bearish trend zone in which Bitcoin is currently trading allows for more declines.

Are ZK-Proofs the Solution to the Ordinal and BRC-20 Issues with Bitcoin?

Zero-knowledge proofs might be a practical solution to the recent network sluggishness and high transaction fees on the Bitcoin blockchain. The rising demand for Ordinals and BRC-20 tokens to be recorded on the blockchain has recently put the Bitcoin network to the test. The ensuing surge in transaction costs and congestion has angered the larger Bitcoin (BTC) community, especially given that some BRC-20 tokens use meme-coins that have recently received billions of dollars in investment.

The development of scaling solutions has benefited the Ethereum ecosystem by bringing about significant increases in network capacity and processing power. In particular, zero-knowledge proofs (ZK-proofs) have made headlines in recent months due to the adoption of the scaling technology by numerous projects. Eli Ben-Sasson, the co-founder of Ethereum-focused StarkWare and inventor of zero-knowledge Scalable Transparent Argument of Knowledge (zk-STARKS), was the only person the correspondent spoke to find out if the technology would be the solution to the most recent problem facing Bitcoin.

Bitcoin’s (BTC) price has stabilized, but the $27,500 high is rejecting the upward trend. The bulls and bears are fighting over the $27,000 support. However, the selling pressure would increase if the bears broke through the $27,000 support level. A price rebound, on the other hand, will show that the uptrend has started up again.

Alternatives to Bitcoin

Following the bearish drop on May 12, the price of Bitcoin (BTC) has remained constant as it rises marginally but remains above $27K. While attempting a new upward surge, buyers are frantically defending the $27,000 price. BTC’s price rose to a high of $27,674 on May 15 but was stopped at the $28,000 resistance zone. If the largest cryptocurrency rises over the $28,000 support, the positive trend may return. Similar to how other cryptocurrencies are gaining while maintaining their respective support levels is AiDoge (AI). AI is the meme of the future. The AiDoge ecosystem offers users the chance to stake AI tokens to get access to platform features and daily credit rewards. Staking is crucial for ongoing participation and platform stability. Users of AiDoge can view and distribute AI-generated memes on the public wall. To identify memes that meet their criteria, users can filter and sort the memes on the wall. Approximately $10 million has been raised so far.