Bitcoin Price Prediction for Today May 31: BTC Price Pauses above 30K

Buyers Sustain Recent Rallies as Bitcoin Pauses above $30K – May 31, 2022

On May 30, BTC/USD rallied to the high of $32,503 as BTC price pauses above 30K . Bitcoin is trading in the overbought region of the market. Sellers will emerge to push prices down. Since May 10, buyers have made concerted efforts to keep the price above the $32,000 but were repelled.

Bitcoin Price Statistics Data: As Bitcoin Pauses above 30K
•Bitcoin price now – $31,804.93
•Bitcoin market cap – $606,040,860,959
•Bitcoin circulating supply – 19,054,856.00 BTC
•Bitcoin total supply – $667,903,445,713
•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin is recovering after the recent downtrend above the $28,000 support. The largest cryptocurrency is trading above the $30,000 psychological price level. BTC price is above the 21-day line SMA but below the 50-day line SMA. The implication is that Bitcoin will be compelled to a range-bound move between the moving averages if the 21-day line SMA support holds. On the other hand, if the price breaks below the 21-day line SMA support, the downtrend will resume. In the meantime, the BTC price is fluctuating below the $32,000 resistance level. BTC price will rally to the $40,000 psychological price level if the current resistance is breached. Otherwise, Bitcoin will fall and resume a downward correction.

Panama Banks Are ‘Bitcoin Friendly’ as Banks Welcome Crypto Services- As Bitcoin Pauses above 30K

Power bank, a Panamanian financial institution with over 200 employees and 40 years of banking experience are Bitcoin-friendly. The bank has resumed crypto accounts. During the blockchain meetup hosted by the Chamber of Digital Commerce, Towerbank staff invited crypto enthusiasts to open accounts at the bank. Gabriel Campa the vice president of products for Towerbank, indicated that crypto customers would not suffer any “setbacks” that, ordinarily, Panamanian citizens would be subject to when executing crypto activities at the bank.

BTC/USD – Daily Chart

Meanwhile, Bitcoin is now fluctuating below the $32,000 resistance zone as Bitcoin pauses above $30K. Buyers could not sustain the bullish momentum above the $32,000 high. The crypto may decline below or above the 21-day line moving average. The downtrend will resume if price breaks below the 21-day line moving average.

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