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Bitcoin (BTC) Price Analysis for May 23

Price Analysis
Mon, 05/23/2022 - 15:05
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Denys Serhiichuk
Can the current week become bullish for Bitcoin (BTC)?
Bitcoin (BTC) Price Analysis for May 23
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.

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Bulls have begun the new week by growing, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) is one of the coins that has grown the least, going up by less than 1%.

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

On the hourly chart, Bitcoin (BTC) has bounced off the recently formed level at $30,012. Bulls could hold this level; however, if the pressure continues, there is a chance to see a sharp drop below $30,000 until the end of the day.

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

On the daily time frame, Bitcoin (BTC) remains trading in the middle of a wide range, which means that the coin is still accumulating efforts for a further sharp move. If the price approaches $31,000, one can expect the possible test of the resistance at $32,950 within the next few days.

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

From the mid-term point of view, the continued fall of Bitcoin (BTC) may have stopped as the rate is above the important $30,000 mark. If bears cannot seize the initiative and the selling volume remains low, the current weekly candle might become bullish for the leading cryptocurrency.

Bitcoin is trading at $30,232 at press time.

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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.