Bitcoin Price Prediction for Today, May 30: BTC/USD Hits $28k Resistance

Updated: 20 June 2023

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The Bitcoin price prediction shows that BTC could retest the $27,500 level for it to maintain a steady increase above the moving averages.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $27,785
Bitcoin market cap – $539 billion
Bitcoin circulating supply – 19.3 million
Bitcoin total supply – 19.3 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $32,000, $34,000, $36,000

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

BTC/USD is likely to recover higher should in case the bulls hold the price at $28,000 which is the daily high and the first digital asset must move near the upper boundary of the channel to start another increase. As of the time of this writing, the Bitcoin price still sits above the 9-day and 21-day moving averages.

Bitcoin Price Prediction: Would BTC Gain More?

According to the daily chart, the Bitcoin price could gain more uptrends if it trades near the upper boundary of the channel. Traders could see that the Bitcoin price converges above the key level of $27,000 and the 9-day MA trend line could cross above the 21-day MA preparing the coin to create more upsides. The Relative Strength Index (14) moves above the 50-level in an attempt to probably keep the coin on the positive side.

Moreover, a clear break above the $28,000 level could set the pace for a larger increase to the $32,000, $34,000, and $36,000 resistance levels. On the contrary, should the Bitcoin price fail to touch the nearest resistance level of $30,000, it could start a new decline and the initial support on the downside could be found below the moving averages. If there is a downside break below this barrier, the king coin could see a sharp decline toward the support levels of $24,000, $22,000, and $20,000 respectively.

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

According to the 4-hour chart, BTC/USD keeps trading on average as the market begins to show a sign of a bullish trend. However, the intraday trading is likely to follow the bullish movement but any bearish movement below the 21-day moving average could locate critical support at $27,000 and below.

Therefore, considering the recent sharp rebound, a climb above the upper boundary of the channel may further push the BTC price to the resistance level of $29,000 and above. As it is now, it seems the bears may likely return to the market if the Relative Strength Index (14) crosses below the 60-level, to indicate a bearish signal.

Alternatives to Bitcoin

The Bitcoin price is likely to move near the upper boundary of the channel as the first digital asset targets the resistance level of $30,000. However, the daily chart reveals that if the 9-day moving average crosses above the 21-day moving average, the king coin will create additional gains. Nonetheless, the WSM token will look to capitalize on the brand value and the user base the community has already built in the Web3 space. The presale has gotten off to an explosive start, so considering its vast community and the team’s track record, the project is undoubtedly one of the most promising cryptos as close to $2 million has been raised so far in the presale.

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