As on May 30, 2023 BTC is priced at $27,710. From a technical analysis perspective, Bitcoin price today presently experiencing a downtrend on the daily timeframe. The price resides below the 50 daily indicating a bearish sentiment.
To comprehend the existing levels of support and resistance for Bitcoin, we must examine the historical price data. Analyzing BTC daily chart reveals a trading range of $26,570 to $28,400 over the recent days.
Bitcoin’s crucial support level lies at $26,570 significantly impacting the cryptocurrency. A dip below this level could potentially lead to further price decline, with the subsequent support level positioned at $25,178.
Conversely, BTC current resistance level resides at $28,480. A successful breakthrough beyond this level may initiate a bullish trend, with the subsequent resistance level set at $29,700.
Bitcoin Price Today – BTC Technical Analysis
Utilizing technical analysis indicators such as the Relative Strength Index RSI and Moving Averages can enhance our comprehension of the prevailing trend.
The RSI currently demonstrates a reading of 52.79 indicating a neutral zone where neither the bulls nor the bears hold significant dominance.
Regarding Fibonacci levels, BTC presently below at 0.236, equivalent to $28,327. This level is computed by calculating 0.236 multiplied by the difference between the previous trend’s highest and lowest points. It holds significance as a potential support or resistance level within a trend.
Bitcoin is consolidating within range of $26,570 to $28,480 featuring resistance zone positioned below the 0.236 Fibonacci level and support zone located above the 0.382 Fibonacci level.
Following the last bullish wave, BTC has completed a triple correction and may resume its uptrend upon breaking above the corrective channel.
Based on Fibonacci extensions and previous resistance levels, the upcoming targets for BTC are $28.5K, $29.7K, and $31K.
However, failure to sustain above $26.5K might prompt further selling pressure, potentially driving Bitcoin towards key support levels at $25.1K, $23.9K and $22K.
