Bitcoin (BTC) Price Prediction for May 29

05/29/2024 22:11
Bitcoin (BTC) Price Prediction for May 29

Does Bitcoin (BTC) have energy to return to $70,000 mark soon?

Original U.Today article

Bitcoin (BTC) Price Prediction for May 29

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The sellers' pressure continues on the crypto market, according to CoinStats.

BTC chart by CoinStats

BTC/USD

The price of Bitcoin (BTC) has remained unchanged over the last day.

Image by TradingView

The rate of BTC is rather bearish as it is near the local support level of $67,556. If buyers cannot seize the initiative until the end of the day, the accumulated energy might be enough for a breakout, followed by a move to $67,000.

Image by TradingView

On the bigger time frame, the price of the main crypto keeps falling. At the moment, one should focus on yesterday's bar's low.

Related

If buyers lose the $67,000 mark, traders are likely to see a test of the $66,000 zone.

Image by TradingView

From the midterm point of view, the situation is also bearish. If the decline continues, there is a possibility to see an ongoing correction to $65,000.

Bitcoin is trading at $67,838 at press time.

About the author

article image

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at [email protected].

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