Main navigation

Bitcoin (BTC) Price Analysis for May 15

Price Analysis
Sun, 05/15/2022 - 16:20
article image
Denys Serhiichuk
Can the bounceback of Bitcoin (BTC) continue?
Bitcoin (BTC) Price Analysis for May 15
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Bears are not going to give up as the majority of the coins remain in the red zone. However, there are some exceptions to the rule. Mainly, Bitcoin (BTC) and Binance Coin (BNB) are rising by 0.21% and 0.83%, respectively.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) is almost unchanged since yesterday; however, it has dropped over the last week by 14%.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Bitcoin (BTC) is trading below the $30,00 level, which means that buyers are not ready to recover the price so fast. Such a statement is also confirmed by declining trading volume, showing bulls' weakness.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, nothing critical has happened since yesterday as Bitcoin (BTC) has not decided yet which way to go. In this case, the more likely scenario is continued sideways trading in the range of $29,000-$30,000. However, if the upcoming week starts with a sharp rise, there is a chance to see the test of the $32,000 zone shortly.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the bigger time frame, Bitcoin (BTC) has made a false breakout of the levels formed last year. Currently, one needs to pay close attention to the weekly closure. If buyers can get the price to the vital $30,000 mark, the bounceback may continue next week.

Bitcoin is trading at $29,641 at press time.

article image
About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.