Bitcoin (BTC) Price Prediction: BTC/USD Faces Rejection at $40,000 as Bitcoin Falls
Bitcoin (BTC) Price Prediction – May 28, 2021
Bitcoin falls and resumes downward after the bulls fail to break the $40,000 resistance. Buyers retested the resistance thrice before succumbing to the selling pressure. The downtrend has been confirmed with the appearance of a Doji Candlestick in the lower time frame. The candlestick indicates that buyers are unable to keep the price higher as sellers continue to push prices downward. Bitcoin has fallen to $36,888 low at the time of writing.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000
Following a consistent rejection at the $40,000 resistance and subsequent fall of Bitcoin, it becomes imperative that BTC/USD is likely to revisit the previous low at $30,000. On May 19, Bitcoin has earlier fallen to the $30,000 support but pulled back to the previous highs. In previous price action, BTC’s price has been fluctuating between $32,000 and $40,000. Yesterday, the BTC price turns down from the recent high and the bears are expected to push BTC price to the previous low at $34,000.On the downside, if sellers are successful and the $34,000 support is breached, Bitcoin will further decline to $30,000.
UK Advertising Organization Bans Crypto Exchange Ads as Bitcoin Falls
A foremost advertising industry organization in the United Kingdom has indicated that it will stop an ad campaign telling people “it’s time to buy” Bitcoin. The Advertising Standards Authority (ASA) is a self-regulating ad organization. It has formally stopped advertising campaign by cryptocurrency exchange Luno for being misleading and irresponsible. According to ASA: “The ads must not appear again in the form complained about, noting that ads like this should mention that Bitcoin investment is highly risky due to its extremely volatile nature.
Luno’s ad posters contained an image of Bitcoin saying: “If you’re seeing bitcoin on the underground, it’s time to buy.” ASA indicated that it has received several complaints regarding Luno’s ad. Consumers are stressing that their posters failed to illustrate the risk of Bitcoin investment. “We considered that consumers would interpret the statement ‘it’s time to buy as a call to action and that the simplicity of the statement gave the impression that bitcoin investment was straightforward and accessible,”
Meanwhile, Bitcoin is falling as bulls face rejection at $40,000 high. The king coin is likely to revisit the previous low if the support at $34,000 is breached. The Fibonacci tool analysis has indicated that Bitcoin will fall to the 2.0 Fibonacci extension level or level $28,546.40. On May 19, Bitcoin fell to the $29,000 support and pulled back. Today, a visit to $30,000 support is likely.