The Bitcoin price line shows a continuous decline on the 31st of May, where the price rose up across the $9710 level just before it stepped onto the day’s charts, followed by a continuous decline that took the price line towards the $9400 mark. The cryptocurrency traded within a day’s range of $9373.96 — $9711.70.
1-Day Bitcoin price analysis (31st May)
Bitcoin Price Chart by Trading View
The cryptocurrency rose across the $9680 level and approached a day’s high of $9711.70 US Dollars. As the day proceeded towards its end, the cryptocurrency gradually fell towards the $9400 mark. At the time of writing, Bitcoin was priced at $9446.13 US Dollars.
Bitcoin: what’s next?
RocketBomb is a TradingView analyst who believed the BTC may test the strong $9960 resistance, after which it would return towards the strong $9550 support.
The analyst suggested that if BTC breaks below the $9550 support, it may see a fall towards the $7777 mark, as it is the key-level of the huge move.
Bitcoin Price Chart by Trading View
At the time, the cryptocurrency returned towards the $9550 support before testing the $9960 resistance. As per the analyst’s idea, if this break below the strong $9550 support is confirmed, the BTC market may appear bearish.
Bitcoin: fall to $9000 — $9200?
ArShevelev is another TradingView analyst who highlighted a rising wedge pattern for the trading pair. The analyst suggested that BTC will either break above the rising wedge pattern.
This will make the cryptocurrency bullish, and Bitcoin will rise towards the $11000 level. In another scenario, the crypto analyst believed that the cryptocurrency may also break below the rising wedge and that this breakout will cause BTC price to fall towards the $9000 — $9200 range.
Bitcoin Price Chart by Trading View
Currently, Bitcoin seems to have broken below the rising wedge pattern. The cryptocurrency appears to move towards the $9400 level. Hence this idea appears to be coming into play for one of its scenarios.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan holds no liability towards any investments based on the information provided on this page.
