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Bitcoin (BTC) price prediction for May 31st
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Bitcoin/USD
Over the past day, the price of Bitcoin (BTC) has increased by 1.24%.
Image by TradingView
On the hourly time frame, the BTC rate is trading below the local support of $68,282. As long as the price is not below this threshold, bears are more powerful than bulls. If the situation does not change by the end of the day, the correction could continue Area $68,000.
Image by TradingView
On the daily chart, the price of major cryptocurrencies is far from key levels. This means that neither bulls nor bears are dominating. Overall, traders are likely to expect continued consolidation in the $67,500-$69,500 area in the coming days.
Image by TradingView
A similar situation can be observed on the weekly time frame. Buyers might start thinking about a bullish trend reversal only if they reset the rate to $72,000.
As of this writing, Bitcoin is trading at $68,236.
About the author
Serhiichuk denies
With more than 5 years of trading experience, Denys has a deep understanding of both technical and fundamental market analysis. Mainly, he started his blog on TradingView where he publishes all the relevant information and makes predictions about the best coins.
Therefore, his experience is supported by working in major blockchain-related companies such as W12, Platinum Listing, ATB Coin and others, who can be contacted at Denis.serhiichuk@u.today.