This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 25th May 2022

Bitcoin is in a 14-day consolidation; will BTC hold above $28.7k?

Past Performance of BTC

BTC prices are inside a $3.5k trade range for two straight weeks with clear support at $28.7k. Technically, BTCUSDT is within a bear breakout formation, and the current pattern is a bear flag. Therefore, until there is a definite breakout, either above $32k or $28.7k, traders should stay on the sidelines waiting for trend definition. At spot rates, BTC is stable on the last trading day, adding two percent.

Bitcoin Technical Analysis

BTC bulls have failed to close above $32k and the May 11 bear bar. As such, prices are still trending within a bearish shadow until there is a clear breakout. A welcomed close above $32k will signal the end of the bear run, with May 9 and 11 bars as climactic. On the flip side, a dashing close below last week's lows could usher in another leg down, possibly pushing BTC back to early 2021 territory.

What to Expect from BTC

Overall, traders are confident as sentiment shifts. Still, as BTCUSD moves horizontally inside a bear candlestick, price action is skewed for sellers. Before traders commit, a clear close on either side of the range would define the immediate and medium-term price trend.

Resistance level to watch: $32k

Support level to watch: $28.7k

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020