Bitcoin Price Prediction for Today May 18: BTC Price Crashes above $26K as Bulls Halt the Slide

Bitcoin Maintains Its Current Range above $26K as Bulls Halt the Slide – May 18, 2023

Bitcoin’s (BTC) price has broken below the $27,000 support as bulls halt the slide. The moving average lines or the resistance at $28,000 have held back the higher movements. There is no doubt that the price of BTC will return to its prior low of around $25,857. If the current support is broken, the biggest cryptocurrency will continue to fall until it reaches $25,000 or more.

Bitcoin Price Statistics Data:
•Bitcoin price now – $26,844.04
•Bitcoin market cap – $520,154,732,872
•Bitcoin circulating supply – 19,377,431 BTC
•Bitcoin total supply – $564,156,501,074
•Bitcoin Coinmarketcap ranking – # 1

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

Following a violation of the $27,000 support, the price of Bitcoin (BTC) has fallen into the bearish trend zone. BTC’s price pulled back and started consolidating again above the $26800 support after the price crash on May 12. Before a recent drop, BTC’s price fluctuated between $26,800 and $27,500. Despite this, after the price collapse on May 12, Bitcoin traded and achieved a high of $27,500. Further price increases have been restrained since the most recent high is an overbought area. On the plus side, Bitcoin will rise and retest the $30,000 high if buyers succeed in breaking through the $27,500 and $28,000 resistance levels. The BTC price is currently declining as it encounters resistance at the most recent high. On the downside, the bears will take control of the prices if the existing support is breached. BTC will revert to its previous low of $25,200 in price. According to the Relative Strength Index for period 14, Bitcoin has dropped to level 40. The cryptocurrency is in a bearish trend zone and is likely to continue declining.

Tether Will Use Monthly Net Profits to Purchase Bitcoin

The decentralized characteristics of Bitcoin and its capacity as a long-term store of wealth, according to Tether, made it an easy choice for the stablecoin issuer. To manage its reserves, Tether, the business that created the biggest stablecoin Tether, is emulating MicroStrategy. The stablecoin issuer intends to reduce its reliance on US-based government debt by bolstering its reserves with Bitcoin (BTC). Tether said in a statement on May 17 that it intends to monthly put some of its profits into Bitcoin. It was announced by the company that it will “regularly allocate up to 15% of its net realized operating profits towards purchasing Bitcoin.” The statement follows the firm’s quarterly financial report, in which the stablecoin issuer claimed net profits of $1.5 billion. Since BTC is the most popular cryptocurrency and has demonstrated itself to be a reliable long-term store of value, according to Tether, it was an obvious pick. The decision was made based on the massive price increase Bitcoin has experienced over the previous ten years and its resistance to conventional financial failures.

Nonetheless, Bitcoin has been trading in a constrained range as bulls halt the slide. If the bears breach the $26,800 support, the BTC price will fall. The price of the cryptocurrency will further drop to lows between $25,800 and $25,000. However, if the price of BTC stays above the $26,800 support level, the slide will be halted.

Bitcoin Alternatives

Bitcoin’s (BTC) price is now constrained within a range as buyers and sellers try to predict the price movement. The ongoing fall is currently halted over the $26,000 support. It follows that the price swings between the current ranges will persist. However, a price recovery over the $26,000 level will push Bitcoin higher. The price of the cryptocurrency will pass through the initial barriers of $27,500 and $28,000. Bitcoin’s prior peak of $30,000 will be retested. AiDoge (AI) and other cryptocurrencies will also experience a surge in value at the same time.

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