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Bitcoin (BTC) Price Analysis for May 28

Price Analysis
Sat, 05/28/2022 - 16:30
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Denys Serhiichuk
Can traders see $30,000 for one Bitcoin (BTC)?
Bitcoin (BTC) Price Analysis for May 28
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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After a slight bounceback, the rates of most of the coins have declined again.

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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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.