Bitcoin Faces Rejection at $32K but May Resume Sideways Trend – May 31, 2022
On May 31, BTC price candlestick pattern showed a Doji candlestick as it may resume sideways trend. BTC/USD has declined to the previous low. The previous low is characterized by small body indecisive candlesticks called Doji or Spinning tops.
Bitcoin Price Statistics Data:
•Bitcoin price now – $29,826.29
•Bitcoin market cap – $567,673,941,043
•Bitcoin circulating supply – 19,055,837.00BTC
•Bitcoin total supply – $625,635,832,656
•Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55, 000, $60,000
Support Levels: $40,000, $35,000, $30,000
Following recent decline to the previous range bound zone, it is indicative that the largest cryptocurrency will resume a sideways move between the $28,000 and $32,200 price levels. In the same vein, Bitcoin has found support above the 21-day line moving average. This also implies that the BTC price will be fluctuating between the 21-day line SMA and the 21-day line SMA. Bitcoin will trend when the range-bound levels are breached. Meanwhile, the BTC price is below the 40% range of the daily stochastic. It indicates that the market is in bearish momentum.
Andreessen Horowitz Closes $4.5 Billion Crypto Fund amid Market Turmoil
Andreessen Horowitz is the venture capital giant that has indicated to close its fourth cryptocurrency fund at $4.5 billion. This brings the total money invested by him in digital currency and blockchain business to more than $7.6 billion. The fourth crypto fund has been ongoing for some time. It doubles the size of the previous crypto fund and demonstrates the growing interest among the firm’s limited partners in boosting their exposure to cryptocurrency firms.
Meanwhile, with the appearance of bullish candlesticks, Bitcoin may resume sideways trend. BTC’s price is holding above the $29,000 support and the 21-day line moving average. The crypto will rise and revisit the previous overhead resistance.
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Source: https://insidebitcoins.com/news/bitcoin-price-prediction-for-today-may-31-btc-holds-above-29k-may-resume-sideways-trend