Bitcoin Price Prediction for Today, May 31: BTC/USD Breaks Above $32,000
The Bitcoin price prediction moves close to the resistance level of $43,000 as the buying interest may increase within the channel.
Bitcoin Prediction Statistics Data:
Bitcoin price now – $32,120
Bitcoin market cap – $610.7 billion
Bitcoin circulating supply – 19.0 million
Bitcoin total supply – 19.0 million
Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $38,000, $40,000, $42,000
Support Levels: $26,000, $24,000, $22,000
BTC/USD is trading above the $32,000 resistance level as the market establishes a new upward movement. The buyers may continue to look for some resistance levels by pushing the price towards the upper boundary of the channel, and the path of least resistance appears to the upside in the near term amid a favorable bullish technical setup.
Bitcoin Price Prediction: BTC Price May Reclaim $35,000 Resistance
As the Bitcoin price begins today’s trade at $31,716, it is now heading to the upside and looking forward to reclaiming the resistance level of $35,000. Meanwhile, the daily chart reveals that if the 9-day moving average crosses above the 21-day moving average, it will confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the $31,000 support breaks down, but the price could rise if the $34,000 resistance is reached.
At the time of writing, the technical indicator Relative Strength Index (14) is crossing above 50-level to indicate a bullish movement. Therefore, if the Bitcoin price remains above the 9-day and 21-day moving averages, it could hit the resistance levels of $38,000, $40,000, and $42,000, but any bearish movement towards the lower boundary of the channel could hit the supports at $26,000, $24,000, and $22,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen above the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) remains within the overbought region. From above, if the Bitcoin price moves above the upper boundary of the channel, the bullish influence could spike and hit the resistance level of $35,000.
On the contrary, the current candle could fail to cross above the channel, and the coin could hit the support at $30,500 and below, but the best the bulls can do is to keep the king coin on the positive side and keep their attention on breaking the potential resistance level of $34,000 and above.
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