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BITCOIN PRICE ANALYSIS CMP-$27,180: BTC Crucial Battle: Can Bulls Safeguard the $27,000 Level from Panic Selling?

Key Takeaways
  • On the daily chart, BTC is currently fluctuating between its 50-day and 100-day moving averages
  • The descending channel pattern poses a significant risk of prolonged correction for the BTC price
  • Yesterday, on the daily chart, BTC formed a Long Wick Red Doji candle indicates indecision in the market
31 May 2023 By: Lokesh Gupta

Bitcoin's price is displaying signs of weakness as it approaches the end of May, drawing the attention of Bitcoin analysts who are closely observing bid liquidity.

Bitcoin price is currently in a consolidation phase, finding support above the $27,000 level. Unless there is a definitive move and a close below $28,500, there is a possibility of a new upward movement.

Following its inability to surpass the resistance zone at $28,500, Bitcoin experienced a downward correction. The cryptocurrency dropped below both the $28,200 and $28,000 levels.

Despite a drop below the $27,800 level, the bulls managed to hold the $27,500 support intermittently. However, the bears eventually breached this level following a period of consolidation. With bears taking control, the price dipped below $27,200. Nevertheless, the bulls showed resilience near the $27,000 support zone. A low was established around $27,113, and the price is currently consolidating its losses.

Bitcoin is presently trading above $27,500 and the 100 hourly Simple Moving Average. On the BTC/USD pair's hourly chart, a significant bearish trend line is forming, indicating resistance near $27,700.

The $27,500 level and the 100 hourly Simple Moving Average are immediate resistance points on the upside. Subsequently, the $27,850 level and $28,000 mark significant resistance levels. A successful breakout and close above $28,000 could initiate a consistent upward movement towards $28,500. If the bulls successfully overcome the $28,500 resistance zone, it may propel the price towards the $29,200 resistance zone.

If BTC encounters difficulty in surpassing the $28,000 resistance level, a continuation of downward movement could be observed. The immediate support on the downside can be found around the $27,000 level. Subsequently, the next significant support lies near the $26,500 zone. If the price falls below this level, it might initiate a consistent decline. In such a scenario, the price could potentially drop towards the $26,000 support level.

Based on Price Analysis, the market capitalization of BTC stands at $527,523,419,799. The 24-hour trading volume of the coin is approximately $13,769,309,185.


RESISTANCE LEVEL : $27,500-$28,000

SUPPORT LEVEL : $26,800-$26,400

The question that lingers is whether BTC will soar to $30,000 once more or plummet to $24,000. It is crucial to acknowledge that forecasting precise price fluctuations in the volatile crypto market can prove to be an arduous task. We welcome your thoughts and opinions in the comment section below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.