Bitcoin Price Prediction for Today, May 9: BTC/USD Threatens $27,000 Support; Price Slides Below $27,500

Updated: 19 May 2023

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The Bitcoin price prediction reveals that BTC continues to head to the downside as its price moves below $27,500 to touch the low of $27,459.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $27,464
Bitcoin market cap – $534.8 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: $23,000, $21,000, $19,000

BTC/USD is trading around $27,646 below the 9-day and 21-day moving averages as the king coin heads to the downside. At the time of writing, Bitcoin (BTC) has been facing the bearish zone, and it is likely to touch the support of $27,000. Therefore, the Bitcoin price is now plunging below the former resistance level of $27,500 which may cause many investors to take profits off the table.

Bitcoin Price Prediction: Would Bitcoin (BTC) Break More Downs?

The Bitcoin price is currently facing the south, however, where BTC trends next may partly depend on whether or not buyers can close today’s candle above the $27,500 level. Should in case this comes to play, the bulls may propel prices higher, and then traders may expect the king coin to rise above the 9-day and 21-day moving averages, which could later move toward the potential resistance levels at $32,000, $34,000, and $36,000 respectively.

Meanwhile, if the Bitcoin price failed to close above the $28,000 level; the price could drop toward the lower boundary of the channel, and a low drive could send the price to $23,000, $21,000, and $19,000 supports. However, the technical indicator Relative Strength Index (14) may cross below 40-level as the signal line shows a continuous bearish movement.

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

Looking at the 4-hour chart, following the rejection of $27,927, BTC/USD is trading below the 9-day and 21-day moving averages. Looking at it from above, if Bitcoin revisits the $28,000 resistance, then the next level of resistance could be $28,500. Meanwhile, the potential resistance could be at $29,500 and above.

Nevertheless, as the technical indicator moves to cross above the 40-level, this might have signaled a temporary end to the bearish trend for a moment. But, if the coin crosses below the lower boundary of the channel, the market price could reach the support level of $26,000 and below.

Alternatives to Bitcoin

The Bitcoin price is hovering below the 9-day and 21-day moving averages at $27,646 as the coin prepares to establish a bullish movement. At the time of writing, the first digital coin is likely to extend toward the support level of $26,000 if the bears put more pressure on the market. Nevertheless, AiDoge is the latest blockchain project to capitalize on the rapid growth of artificial intelligence (AI). This new project has built a decentralized tool that enables users to instantly create unique memes from simple text prompts. Meanwhile, AIDoge is attracting attention for its unique AI meme generation utility and about $6 million has been raised in the presale.

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