Alert: Massive Drop for BTC Ahead? Bitcoin Price Analysis, 31st May

Technical Indicators:

Support Level: $8000

Resistance Levels: $8300, $8400, $8450, $8500


Key Points:

  • Bitcoin price was able to break above $8500 and $9000 resistance levels recently, however, it started to correct downwards later.
  • The selling pressure increased and BTC was pushed sharply below $8700 and even $8450 support levels.
  • Bitcoin price also broke below the bullish pattern that was being formed on the hourly chart with support at $8550.
  • Bitcoin is currently trading with a bearish momentum below the new resistance formed at $8300.


Bitcoin Price Analysis:

SUMMARY: Bitcoin price moved over $9000 level but could not hold gains. BTC declined sharply and is currently trading with a bearish momentum with signs of further losses.

Bitcoin price traded with full bullish momentum yesterday and was able to break through the major resistance around $8950 and $9000, however, it could not settle above this range, failed to hold the gains and declined sharply. The selling pressure was quite intense and BTC was pushed below $8700 support level. Bitcoin price soon fell below the $8600 level and the 100 hourly SMA.

Bitcoin price even broke below the bullish pattern which was being formed on the hourly chart with the support at $8550. BTC below $8500, $8300 and even $8200 support levels which were quite major for bitcoin price. Currently, Bitcoin is trading below the $8300 resistance level with signs of further losses. After the $8300 level, BTC price could face a major resistance around $8400 and $8500 levels after which BTC might test the $8700 level again.

The current major support lies at $8000 below which BTC price might test the $7900 and $7800 levels. Further selling pressure could lead to BTC testing the $7600 level. The current momentum seems quite bearish and there are chances of a fresh decline below $8000.

Bitcoin Price Chart 31st May
Bitcoin Price Chart 31st May

The chart shows that the BTC price is corrected downwards sharply falling below $8700 and $8500 support levels. It seems that bitcoin might decline below $8000 level in the short term and test the $7900 and $7600 levels.

Janet F. Sanchez
Janet Sanchez writes articles which, considering where you’re reading this, makes perfect sense. She is best known for writing cryptocurrency related news and blogs. She also writes about business, finance, and technology. Working from home and taking care of her little son, she has a passion for writing.

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