BTC/USD are trading at 27274 and continue to move within the correction and the downward channel. The capitalization of the Bitcoin cryptocurrency at the time of the publication of the forecast is $528,394,627,269. Moving averages indicate a short-term bearish trend for Bitcoin. Prices have broken down the area between the signal lines, which indicates pressure from the sellers of “Digital Gold” and a potential continuation of the rise in the value of the asset already from current levels. As part of the forecast for the cryptocurrency exchange rate for tomorrow, May 24, 2023, we should expect an attempt to develop an increase in the value of a digital asset and a test of the resistance level near the 28205 area. From where we should again expect a rebound down and an attempt to continue the fall of the Bitcoin rate with a target below the 23615 area.
Bitcoin Forecast for May 25, 2023
An additional signal in favor of a decrease in BTC/USD quotes will be a test of the trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the lower border of the bullish channel. Cancellation of the option to fall in the exchange rate of the coin and the cost of Bitcoin will be a strong increase in the value of the asset and a breakdown of the area of 29705. This will indicate a breakdown of the resistance area and a continued rise in the Bitcoin exchange rate with a potential target at 32505. The fall in the asset price will be confirmed by a breakdown of the support area with the price fixing below the level of 25365.
Bitcoin Forecast for May 25, 2023 suggests an attempt to test the resistance level near the area of 28205. And further, the cryptocurrency will continue to fall with a potential target at the level of 23615. An additional signal in favor of the Bitcoin price decline will be a test of the resistance line on the relative strength index (RSI). Cancellation of the option of falling digital currency will be a breakdown of the area of 29705. This will indicate a continuation of the rise with a potential target above the area of 32505.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link