This Bitcoin price analysis is provided in cooperation with CryptoTrader, and its algorithmic trading solution can finally be used by individuals.Bitcoin prices stagnate within 24 hoursYesterday, Bitcoin fell 3%, but sellers did not continue to put pressure on prices
This Bitcoin price analysis is provided in cooperation with CryptoTrader, and its algorithmic trading solution can finally be used by individuals.
Bitcoin prices stagnate within 24 hours
Yesterday, Bitcoin fell 3%, but sellers did not continue to put pressure on prices. In fact, the price of Bitcoin stagnated within 24 hours:
Bitcoin's performance against different currency pairs - Source: Coincheckup
Nevertheless, within a week, the price increased by 2%. The price decreased by 4% within one month, but increased by more than 20% within three months. On its own, the BTC/ETH pair has been stagnant for a week. However, in the past month, Ethereum has been restoring its strength to Bitcoin. The currency pair has fallen by more than 5% within a month.
Bitcoin prices end in red in May
During the sharp decline in March, BTC responded well at the support level of $20000. Although the closing price exceeded $27000, May closed in red for the first time since January:
Currently, the price of BTC is breaking through the support level of $24500. If we return to this level, buyers will have to showcase themselves to avoid a decline, which may bring the price back to the support level of $20000 (red arrow). As long as the support level of $24500 is maintained, it is possible to return to $32500. If the price successfully breaks through the resistance level, the next resistance level is $38000. RSI is starting to rise again, and it should draw a trough and a peak of rise.
Bitcoin returns to support level of $26700
BTC has deviated from the resistance level of $27500 and returned to the support level of $26700:
The buyer needs to appear here in order to return to the resistance level of $27500. No matter what happens, it is necessary to break through this resistance and close above the final high of $28440. Therefore, the price may hit the next resistance level of $29700. However, if the support level is broken, the price may reach the next support level of $25000.
The RSI has dangerously fallen below the bullish trend line. If RSI stagnates at the trend line, sellers may benefit from this momentum.
Bitcoin prices have closed down for the first time since January. However, the price is still above the support area of $24500. As long as the support level remains unchanged, the price may join the monthly resistance level of $32500. Please note that in the short term, buyers need to defend the support level of $26700 to avoid the possibility of returning to $25000.
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