Bitcoin Is In A Positive Trend, But Remains Stuck Below $28,000

Jun 02, 2023 at 12:15 // Price
Coin Idol
Bitcoin price has continued to move below the moving average lines

Bitcoin (BTC) price has continued to move below the moving average lines.

Bitcoin price long-term forecast: bearish

Since the price collapse on May 12, the bitcoin price has been limited to a range between $26,000 and $28,000. Over the past three weeks, buyers have failed to keep the price above the moving average lines or the $28,000 ceiling. However, on May 28, the bitcoin price rose above the moving average lines, although resistance remained at the $28,000 high. Bitcoin's low today is $27,133 after retracing its losses. On the positive side, Bitcoin will return to the psychological price of $30,000 once the obstacles are overcome. On the negative side, Bitcoin price is currently in the middle of the range. Bitcoin will resume its downtrend if the $26,000 support is violated.

Bitcoin indicator display

The Relative Strength Index of 47 for the 14 period indicates that Bitcoin has fallen into the downtrend zone. The largest cryptocurrency is likely to continue to decline. The price bars have been below the moving average lines in the meantime, which has contributed to the recent decline. The cryptocurrency value has a positive velocity, but it is in a downtrend zone.

BTCUSD_(Daily Chart) – June 2.23.jpg

Technical Indicators:

Key resistance levels - $30,000 and $35,000

Key support levels - $20,000 and $15,000

What is the next direction for BTC/USD?

The bitcoin price is currently in a downtrend zone. The BTC price was rejected on May 28 at a high of $28,000. The moving average lines are now above the BTC/USD price. Even the largest coin has a range within which it can move.

BTCUSD_(4 –Hour Chart) – June 2.23.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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