Bitcoin Price Prediction for Today, May 23: BTC Could Hit $32,000 Level

The Bitcoin price prediction shows that BTC bounces off the support at $29,211 as the coin moves close to the resistance level of $31,000.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $30,371

Bitcoin market cap – $577.2 billion

Bitcoin circulating supply – 19.0 million

Bitcoin total supply – 19.0 million

Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $36,000, $38,000, $40,000

Support Levels: $24,000, $22,000, $20,000

BTC/USD is currently trading around $30,371 with a 0.37% gain above the 9-day moving average. The Bitcoin price may fight to stay above the important level of $31,000 as it could move to cross above the 21-day moving average. However, for BTC/USD to remain above this barrier, the bulls may need to make the $30,000 support level to be strong.

Bitcoin Price Prediction: Bitcoin (BTC) May Revisit the Upside

At the time of writing, the Bitcoin price is crossing above the 9-day moving average, and if it keeps moving to the upside, the market price could touch the nearest resistance level of $31,000. However, the king coin needs to claim this important resistance level to gain more upsides. Otherwise, the supports at $24,000, $22,000, and $20,000 may likely come to focus.

Nevertheless, the Relative Strength Index (14) is crossing above the 40-level, but the recovery may slow, and traders must be aware that support will have to be sort above $32,000 before heading to the resistance levels at $36,000, $38,000, and $40,000.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

On the 4-hour chart, the technical indicator Relative Strength Index (14) is around 60-level and may rise to the north to begin an upward movement. Moreover, the chart reveals that there is a little bullish movement within the market as the technical indicator could face the upside.

However, if the Bitcoin price moves up and remains above the 9-day and 21-day moving average, the market price could reach the potential resistance at $32,000 and above. On the contrary, if the current market value drops below the moving averages, and crosses below the lower boundary of the channel may locate the support at $29,000 and below.

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