Bitcoin Price Prediction for Today, May 24: BTC May Retrace Above $29,500

The Bitcoin price prediction shows BTC is rising from the opening price of $29,000 as the buying interest approaches $30,000.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $29,340
  • Bitcoin market cap – $559.9 billion
  • Bitcoin circulating supply – 19.0 million
  • Bitcoin total supply – 19.0 million
  • Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $35,000, $37,000, $39,000

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

BTCUSD – Daily Chart

BTC/USD is moving sideways as the coin establishes a cross above $29,000 but currently rebounding to cross above the 9-day moving average. The buyers may begin to look for some resistance levels on their way to the upper boundary of the channel.

Bitcoin Price Prediction: BTC Price May Reclaim $30,000 Level

The Bitcoin price is facing the resistance level of $29,500 and looking forward to reclaiming the resistance level of $30,000. However, the daily chart reveals that if the king coin crosses above the 9-day moving average; this may confirm the next direction that the coin will follow. On the contrary, BTC/USD may decline if the $29,000 support breaks down, but the price could rise if the $31,000 resistance is reached.

At the time of writing, the technical indicator Relative Strength Index (14) remains below the 40-level to indicate sideways movement. Therefore, if the Bitcoin price crosses above the 9-day and 21-day moving averages, it could hit the resistance levels of $35,000, $37,000, and $39,000 but any movement below the lower boundary of the channel could hit the supports at $24,000, $22,000, and $20,000.

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

According to the 4-hour chart, the Bitcoin price is below the 9-day and 21-day moving averages as the technical indicator Relative Strength Index may cross above the 50-level. From above, if the Bitcoin price crosses above the moving averages, the bullish influence could spike and the accrued gains massively.

BTCUSD – 4 Hour Chart

However, the current candle could retreat below the lower boundary of the channel and may target the support level of $28,000 and below, but the best the bulls can do is to hold above the resistance level of $30,000 and keep their attention on breaking the potential resistance at $31,000 and above.

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