Bitcoin (BTCUSD) Price Forecast: May 25
Bitcoin price may likely hit the $31035 supply value soon as it faces an increase in buying pressure. The coin will most likely continue its bullish correction and the price could go higher and hit the mentioned supply level, if the price is able to break up the $31035 resistance level, then we can expect a good upside momentum up to $35000 supply value and beyond.
Key Levels:
Resistance Levels: $23000 $24000, $25000
Support Levels: $20000, $19000, $18000
BTC (USD) Long-term Trend: Bullish (Daily Chart)
Despite the interference from the sellers, the BTCUSD price still trades in the bullish trend market. Price is trading above the EMA-9 with its wick touching the EMA-50. This however confirms the presence of more bulls’ impact on the coin.
The bulls’ pressure on the coin during yesterday’s session at the $27078 high value has made it capable for the price to remain strong above the supply trend lines in its recent time.
The impulse move by buyers up to a $27478 high level above the theEMA-9 earlier today indicates that the traders are actively buying at this level. Further, the rising prices reclaimed more confirmation for a bullish recovery.
In addition, the daily stochastic indicates an upward trend, this means that the buy investors may likely continue with the bull run and this may likely hit the $31035 previous supply value which might possibly extend the coin price to the $35000 resistance level soon in its long-term outlook.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
The market price of BTCUSD is currently trading in the bullish market zone. The price bars are seen above the moving averages. The trend has just resumed its rising pattern but has not yet reached its goal.
The coin has been having a series of moves by the coin buyers which has enhanced its upward trend in its recent high.
The bulls made a corrective rally up to a $27356 supply trend line above the two EMAs shortly after the 4-hourly session opened today. This is a result of more concerns from the buy investors.
Therefore should the bulls increase their swagger in the market, the price is poised to pump up above the key resistance levels around the $30022 resistance level.
Also, the momentum indicator which is pointing up indicates that the price of Bitcoin is in an uptrend and may possibly remain in that direction to hit the $31035 supply level and beyond soon in the medium-term time frame.
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