Bitcoin Price Prediction for Today, May 16: BTC Turns Bearish as Price Drops to $29,055
The Bitcoin price prediction keeps extending the bearish movement to the areas below the support level of $30,000.
Bitcoin Prediction Statistics Data:
- Bitcoin price now – $29,691
- Bitcoin market cap – $566.4 billion
- Bitcoin circulating supply – 19.041 million
- Bitcoin total supply – 19.041 million
- Bitcoin Coinmarketcap ranking – #1
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $35,000, $37,000, $39,000
Support Levels: $25,000, $23,000, $21,000
BTC/USD falls toward $29,000 once again as the first digital asset heads to the lower boundary of the channel following a significant breakdown in the last few days. Therefore, the bearish control is seen across the market with other major digital assets posting similar losses as they may remain below the 9-day and 21-day moving averages.
Bitcoin Price Prediction: Bitcoin (BTC) Could Slip Below $28,000
The Bitcoin price is hovering at $29,667 with an intraday loss of 5.15%. Looking at the daily chart, the prevailing trend is bearish with expanding volatility as the first digital asset is likely to consolidate in a bearish flag pattern. Meanwhile, a break below the moving averages is supposed to continue in the direction of the previous trend. In this case, BTC/USD is expected to drop and stay below to hit the critical support levels at $25,000, $23,000, and $21,000.
However, should the Bitcoin price return above the 9-day and 21-day moving averages; the price could rise to $34,000 vital resistance. A further bullish drive could push the price to $35,000, $37,000, and $39,000 resistance levels. The technical indicator Relative Strength Index (14) is revealing a continuous bearish, which shows that the market may remain at the downside.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
At the opening of the market today, the Bitcoin price faces up to touch the resistance level of $30,500 but may likely drop below the channel, if the bears grab the market movement. Meanwhile, should the price drops further and move below the lower boundary of the channel, it could reach the support level at $28,000 and below.
Moreover, if the bulls push the coin above the 9-day and 21-day moving averages, the Bitcoin price could revisit the resistance level of $33,000 and above. Presently, the market may begin to move sideways or experience a slight uptrend as the Relative Strength Index (14) indicator moves to cross above 50-level.
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