Bitcoin Price Prediction – May 31
The Bitcoin price is currently moving below $37,000 after the king coin hits an intraday high of $37,494.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $45,000, $50,000, $55,000
Support Levels: $28,000, $23,000, $18,000
At the time of writing, BTC/USD is hovering around the $36,679 level after touching the daily high of $37,494. Meanwhile, there is a lot of sluggishness in the market for the past few days as bulls nor bears are looking to hold the price by the scruff of its neck. Actually, all this may soon change, though. The Bitcoin price needs to keep going strong and pointing towards an upside breakout.
Bitcoin Price Prediction: Would Bitcoin Go Up or Down?
As the Bitcoin price moves around the $36,679 level, the price must close above $37,000 to indeed indicate an upside opening on the daily chart. Previously, the price range between $35,500 and $36,000 acted as support. Therefore, for Bitcoin price prediction to turn more bullishly, it must be taken out decisively by the bulls to turn it into support once again and then continue the momentum forward where it could reach the resistance levels of $45,000, $50,000, and $55,000.
However, a breakout above $40,000 could boost confidence in the coin and increase overall liquidity into the system. For Bitcoin to be rejected at $37,494 may eventually lead to declines below the 9-day and 21-day moving averages at $34,600. Should in case the coin drops more, then it could rely on the long-term support levels at $28,000, $23,000, and $18,000 as the Relative Strength Index (14) moves above 35-level.
BTC/USD Medium-term Trend: Ranging (4H Chart)
The bullish candles on the 4-hour chart show that bulls had their say at the beginning of the trading session today. The movement above the 9-day and 21-day moving averages reveals that there are confidence and liquidity in bulls to take the market forward. Moreover, it seems that the Bitcoin price prediction may be approaching bullish confirmation.
Moreover, if the current bullish move falters, profit booking may bring the price down towards the support level of $34,000 and below. However, bulls could support the price above $37,000 as they have done successfully in the past few days. But if the market price rises toward the upper boundary of the channel, it may reach the resistance levels of $40,000 and above. The Relative Strength Index (14) is seen moving in the same direction above 50-level, indicating sideways movement.
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