Bitcoin Price Prediction for Today May 31: BTC Price Struggles below $32K

Bitcoin Rebounds as It Struggles below $32K – May 31, 2022

Bitcoin’s (BTC) price has rebounded above the $28, 0000 as it struggles below $32K. The cryptocurrency has rallied to the high of $31,79 at the time of writing. BTC/USD is now trading in the overbought region of the market.

Bitcoin Price Statistics Data: time.
•Bitcoin price now – $31,845.02
•Bitcoin market cap – $605,797,887,876
•Bitcoin circulating supply – 19,054,856.00 BTC
•Bitcoin total supply – $667,877,082,475
•Bitcoin Coinmarketcap ranking – # 1

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

Bitcoin has recovered from the $28,000 crucial support. After the May 12 price slump, the bulls bought the dips as the largest cryptocurrency commenced a range-bound move. BTC’s price has been trading between $28,000 and $32,000 price levels for two weeks before the price rebound. The current uptrend has been stalled below the $32,000 resistance zone. For the past two weeks, the bulls are yet to break above the $32,000 high. On the upside, Bitcoin will rally above the 50-day line SMA or the $40,000 psychological price if the resistance is breached. Conversely, Bitcoin will fall and resume its range-bound move if buyers fail to breach the $32,000 resistance.

India Reaches an Understanding with IMF on Crypto Consultation Paper

India’s Department of Economic Affairs is putting a final touch on a consultation paper on cryptocurrencies. The document will define a national framework for digital assets. The implementation of the document will bring the country’s 14 billion people closer to the international regulatory consensus on digital assets. The document was done in cooperation with industry stakeholders, the International Monetary Fund, and the World Bank. Seth specified that the paper would strengthen India’s commitment to “some sort of global regulations”:
“Digital assets, whatever way we want to deal with those assets, there has to be a broad framework on which all economies have to be together.”

BTC/USD – Daily Chart

Meanwhile, Bitcoin recovers above the $28,000 crucial support as it struggles below $32K. Further upward moves will depend upon breaking above the resistance level. In the meantime, Bitcoin is above the 80% range of the daily stochastic. It implies that the market has reached the overbought region. Upward movement of prices is unlikely.

Read more:
How to buy cryptocurrency
How to buy Bitcoin                    

Our Recommended Bitcoin Account

Our Rating

eToro exchange
  • Buy, sell, trade and store BTC on the eToro platform
  • Social trading platform & copy trading
  • CySEC, ASIC & FCA regulated

eToro exchange

68% of retail investor accounts lose money when trading CFDs with this provider.

Subscribe To The Latest Crypto News

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

World Wide Crypto will use the information you provide on this form to be in touch with you and to provide updates and marketing.