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Bitcoin Price Prediction for Today May 21: Bitcoin’s Price Varies as It Remains below $27.5K

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Bitcoin Price Prediction for Today May 21: Bitcoin's Price Varies as It Remains below $27.5K
Bitcoin Price Prediction for Today May 21: Bitcoin's Price Varies as It Remains below $27.5K

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Bitcoin’s Rise Is Negligible as It Remains below $27.5K – May 21, 2023

The largest cryptocurrency is now fluctuating as it remains below $27.5K. The current price range for Bitcoin is between $26,400 to $27,500 price levels. These levels haven’t been broken in the last week. Additionally, the price movement has been negligible as a result of the Doji candlesticks.

Bitcoin Price Statistics Data:
•Bitcoin price now – $27,114.08
•Bitcoin market cap – $525,458,750,643
•Bitcoin circulating supply – 19,379,312 BTC
•Bitcoin total supply – $569,744,379,329
•Bitcoin Coinmarketcap ranking – # 1

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

Following the reversal of the bearish trend, Bitcoin’s range-bound movement has persisted. The price of Bitcoin has been stuck between $26,400 and $27,500 for the past week. As they attempt to resume the upswing, buyers have retested the initial resistance twice at $27,500. The presence of Doji candlesticks, which have small body and are indecisive, has made it difficult for Bitcoin to move either higher or downward. These candlesticks show that both buyers and sellers are unsure of the market’s direction. Despite this, the BTC price has tested the present resistance and support levels twice during the brief captivity. Currently, Bitcoin is unable to climb again to test the resistance at $27,500. The Relative Strength Index for period 14 has Bitcoin at level 44. The cryptocurrency asset is still in a bearish trend zone and could fall.

The Overall Mintage Fees for Bitcoin Ordinals Increases by 700% Since April: Report

Since its launch in January, there have been more than 8 million Bitcoin Ordinals created. The total network fees paid for the creation of Bitcoin Ordinals reached 1,414 Bitcoin (BTC), or $38.2 million, on May 20, according to a report compiled by @dgtl_assets of Dune Analytics. This is a gain of 700% from April 20 and 831% from April 1, respectively. Despite sustained interest in Bitcoin NFTs, data reveals that the vast majority of Bitcoin Ordinals have since switched to text-based inscriptions, as opposed to a roughly equal distribution of text and picture inscriptions from February to April. Combining the Inscription process, which adds an extra layer of data to each Satoshi, and Bitcoin Ordinals, which assign a unique number to each individual SAT [Satoshi, or 1/100 million of a Bitcoin], allows users to mint unique digital assets on the Bitcoin blockchain, according to cross-chain wallet BitKeep.

Bitcoin Price Prediction for Today May 21: Bitcoin's Price Varies as It Remains below $27.5K
BTC/USD – 4 Hour Chart

The price war between Bitcoin’s bulls and bears has persisted as it remains below $27.5K. The price indicator suggests that at the current support level, Bitcoin would decline and maybe reverse. Following the price decrease of May 8, BTC price turned upward, and a candle body tested the 78.6% Fibonacci retracement level. According to the correction, BTC will likely decrease but will reverse course at the Fibonacci extension level of 1.272, or $26,662.

Bitcoin Alternatives

Bitcoin’s (BTC) price is currently fluctuating somewhat after rising above the $26,500 support. Strong buying at lower price levels is indicated by the extended candlestick’s tail on May 12. If more customers are drawn to cheaper prices, Bitcoin will rise again. If buyers manage to sustain the price above the moving average lines or break through the resistance at $28,000, Bitcoin will resume a bullish trend on the upside. The most valuable cryptocurrency will once again reach its prior peak of $30,000. AiDoge (AI) and other cryptocurrencies will benefit from this, resuming their upward momentum.

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