Bitcoin Price Prediction for Today May 31: BTC Plunges to Previous Range above $30K

Bitcoin Resumes Downtrend as It Falls to Previous Range above $30K – May 31, 2022

For the past 48 hours, BTC/USD upward moves have been hindered as the crypto plunges to previous range above $30K. BTC price has fallen to the range-bound zone. There is a likelihood of a further price decline. Besides, the BTC price has been trading in the overbought region of the market.

Bitcoin Price Statistics Data:
•Bitcoin price now – $30,304.32
•Bitcoin market cap – $576,982,117,564
•Bitcoin circulating supply – 19,055,493.00 BTC
•Bitcoin total supply – $635,859,931,246
•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $40,000, $35,000, $30,000

Bitcoin’s upward correction suffers a setback as the largest cryptocurrency faces rejection at the $32,000 high. For the past three days, BTC’s price has been fluctuating between $30,500 and $32,200 price levels Today, BTC’s price is declining after the rejection from the recent high. On the downside, if the bears break below the $30,000 psychological level, the selling pressure will resume. In other words, the downtrend will resume, if price breaks below the 21-day line SMA. Bitcoin is below the 80% range of the daily stochastic. It implies that the market is in a downward move as price revisits the previous low at $28,000.

Crypto Miners Consume 2% of total Electricity in Russia

According to the government, Crypto miners account for two percent of the total electricity consumption in Russia.Also, according to Russia’s Deputy Minister of trade and industry Vasily, energy consumption share of the crypto mining industry has exceeded the country’s agricultural sector. He said: “Do you know how much mining accounts for in the overall map of electricity generation in our country? And I’ll tell you: more than 2%. This is more than the cost of electricity for agriculture. We cannot but recognize mining in this sense as an industrial activity or industry.”

BTC/USD – Daily Chart

Meanwhile, Bitcoin is still in a downward correction as it falls to previous range above $30K. The largest cryptocurrency risks further decline if it fails to hold above the $30,000 support.

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