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Bitcoin (BTC) Price Prediction for May 31

Fri, 31/05/2024 – 18:00

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Coins from the top 10 list are bouncing back, according to CoinStats.

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BTC/USD

The price of Bitcoin (BTC) has increased by 1.24% over the past day.

Image by TradingView

On the hourly time frame, the rate of BTC is trading below the local support of $68,282. Until the price is below that mark, bears are more powerful than bulls. If the situation does not change by the end of the day, the correction may continue to the $68,000 zone.

Image by TradingView

On the daliy chart, the price of the main crypto is far from the key levels. This means that neither bulls nor bears are dominating. All in all, traders are likely to expect ongoing consolidation in the area of $67,500-$69,500 within the next few days.

Image by TradingView

A similar situation can be seen on the weekly time frame. Buyers may start thinking about a bullish trend reversal only if they restore the rate to $72,000.

Bitcoin is trading at $68,236 at press time.

SOURCE

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