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Bitcoin (BTC) Price Analysis for May 28

Crptoz by Crptoz
May 28, 2022
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Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition | Bitcoinist.com

Bitcoin Will Be a Failure Even If It Hits $100,000, Says “Black Swan” Author


Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of YouTube. Every investment and all trading involves risk, so you should always do your own research before making a decision. We do not recommend investing money that you cannot afford to lose.

After a slight jump, the rates of most coins have come down once again.

Top Coins by CoinMarketCap
Top Coins by CoinMarketCap

BTC/USD

Bitcoin (BTC) rate is almost unchanged since yesterday, despite other coins falling.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the local time frame, the price traded above the $29,000 mark against an increase in trading volume. If the buyers can initiate, the ongoing upward move could continue towards $29,400-$29,600 by the end of the day.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily chart, the rate is closer to support than resistance, meaning it is more likely to see a further decline rather than a bounceback. However, the situation may change if there is an increase of $30,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

From the medium term point of view also the situation is more bearish. If the sellers pressure continues, traders can expect a sharp decline below the $27,757 mark. Such a scenario is relevant until the end of June.

Bitcoin is trading at $29,033 at press time.


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