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Bitcoin (BTC) Price Analysis for May 28

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Sat, 28/05/2022 - 16:30
Bitcoin (BTC) Price Analysis for May 28
Cover image via www.tradingview.com

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After a slight bounceback, the rates of most of the coins have declined again.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Despite the fall of other coins, the rate of Bitcoin (BTC) is almost unchanged since yesterday.

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

On the local time frame, the price has come back above the $29,000 mark against the increasing trading volume. If buyers can hold the initiative, the ongoing upward move may continue to the $29,400-$29,600 until the end of the day.

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

On the daily chart, the rate is closer to the support than the resistance, which means that there are more chances to see a further decline rather than a bounceback. However, the situation can change in the event of growth to $30,000.

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

From the mid-term point of view, the situation is also more bearish. If sellers' pressure continues, traders can expect a sharp fall below the $27,757 mark. Such a scenario is relevant until the end of June.

Bitcoin is trading at $29,033 at press time.

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