Bitcoin Price Prediction Daily (31-May-2023) Heading Towards the Downside?

Bitcoin Price Prediction Daily (31-May-2023) Heading Towards the Downside?

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May 31, 2023 by secret
30
How is Bitcoin (BTC) Looking Today? Bitcoin is currently trading at around $27,000, striving to maintain its position above the support level of $26,500. Over the past month, BTC has remained within a consolidation zone and has encountered difficulties breaking free from it. Notably, the price experienced several rejections around the $30,000 mark during the
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How is Bitcoin (BTC) Looking Today?

Bitcoin is currently trading at around $27,000, striving to maintain its position above the support level of $26,500. Over the past month, BTC has remained within a consolidation zone and has encountered difficulties breaking free from it. Notably, the price experienced several rejections around the $30,000 mark during the first week of May, leading to a sideways movement. As soon as Bitcoin breaks out of this consolidation, a significant price movement can be anticipated. Let’s take a look at the latest Bitcoin Price Prediction Daily (31-May-2023) to see where the price could be headed in the coming days.

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Analyzing the Charts

If we look at the latest 1-day charts for Bitcoin, the first thing we can notice is that the price is forming a series of lower highs.

The price is currently showing signs of a potential lower high formation, which, if validated, could reinforce the ongoing downtrend. This lower high, if established, would contribute to a series of lower highs, solidifying the downward trajectory.

We can also notice that the current area where the price is facing resistance is the $28,500 mark. BTC has faced resistance here on the lower timeframes throughout the month. It is also the first resistance BTC faces when it bounces from the major support at $26,500.

We can also notice that the $28,500 region is overlapping with the 0.5 of fib from swing low to swing high. The bulls will have to push hard to get above this level and a rejection will only confirm the downtrend.

Also, when the price drops, the next level we will be eyeing for Bitcoin is the $25,000 mark. It is a crucial area for BTC, and the price will likely find support there.

Conclusion: What is Next for Bitcoin (BTC)?

Bitcoin is currently trading around the $27,000 mark and could go either way in the short term. Right now, we are watching the resistance at $28,500 which is also a crucial fib level for BTC. If the price fails to break above this area, it is highly likely that we will see a lower high for Bitcoin and the price will drop below the support at $26,500. The first target we will be eyeing in that scenario is the $25,000 mark.

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To understand the basics of Bitcoin trading, you can read our How To Trade Bitcoin Guide. It can prove helpful for traders who are just getting started with Bitcoin trading. You can also check out our list of top Bitcoin Exchanges To Trade With.

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