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Bitcoin (BTC) Price Analysis for May 24

Price Predictions
Mon, 05/24/2021 - 16:17
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Denys Serhiichuk
Can the rise of Bitcoin (BTC) continue until the end of the week?
Bitcoin (BTC) Price Analysis for May 24
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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The new week has begun with the sharp growth of the cryptocurrency market as all top 10 coins are in the green zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

The dominance rate of Bitcoin (BTC) keeps slightly rising after a bounceback from the 30% mark. At the moment, BTC's market share makes up 44.8%.

BTC market share
BTC market share

BTC/USD

After a fall to $30,000, Bitcoin (BTC) has bounced back, rising by 12% over the last 24 hours.

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

On the 4H chart, Bitcoin (BTC) may still face a short-term drop as the selling trading volume has increased.

Related
BTC, ETH, XRP and LTC Price Analysis for May 23

In this case, the more likely scenario is the price decrease to the closest support level at $36,500 where bulls might again seize the initiative.

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

On the longer time frame, the growth has just begun after a deep drop the previous week. Thus, the rise is accompanied by an increased trading volume that makes the bulls' positions even stronger. The ongoing growth may continue to the closest resistance at $42,100. Such a scenario is relevant for the current week.

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

On the weekly chart, the situation is also bullish as the week has begun with a successful bounceback. Even though it is too early to consider new peaks, a correction to the created mirror level at around $43,750 may occur within the next few days.

Bitcoin is trading at $37,600 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 & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.