Bitcoin May-review: BTC/USD sees medium-term upward momentum

On 31.05. the Bitcoin price index closed at 9.453 US Dollar and ended the month in order for the first time in months on a relevant level. For the new month, this is a good chance that the Bitcoin keeps this level in the short term, and signals the Potential for an upward movement in the June talk.

An eventful may, is located behind the Bitcoin: The Halving of the 11. In may, an outbreak of over 10,000 USD and the movement in 2009, mined Bitcoins led to a price decrease of almost 15 %.

From the re-Test to 8.100 USD the bulls rallied however rapidly and approached as a successor to the brand of 10,000 USD. At the Moment, the analysis of the BTC works to prices of more than 9,500 USD, to approach to a repeated price test for resistors in the Region of 9.800 USD.

The Bitcoin price chart for the may 2020/Coin360

The Bitcoin halving was eagerly awaited, especially because of the halving of the block rewards, as well as the potential positive price impacts. But the price of the Top crypto-currency is not recovered after halving so far.. The price is together fights correlated with a decrease in Hash Rate, what happened due to change of many of the Miner to the competing networks of Bitcoin Cash and Bitcoin SV.

 

How will the BTC course from here?

 

Analysts gave the note, a monthly closing price of the 31. August 2019 could be a relevant indicator for the further medium-term direction of the crypto market.

The market aimed for a closing price of more than 9,000 USD to maintain its current level of support in the case of 8,750 USD. It is crucial that the Cryptocurrency was able to keep the candle of 9,400 USD. This was the first Time since August of the year 2019, the monthly Bitcoin price index was able to close 9.360 USD.

Price refusals at 9.360 USD at the end of the Month led several times in the past, the crypto-currency fell to new lows. The lowest level of the year stood at 3,800 USD, and it happened after the Crash at 12. March. At this level, a rejection accelerated the downward trend, with the BTC price fell to lows of $ 3,000. Responsible the prices of the bear market were here after the break-in 2018.

In may, Bitcoin the cops were between a price of 8,100 USD and heights at 9.966 US Dollar. A decline in the repetition test was the “Support-Resistance-Flip”. After the crypto-currency had broken out over 9,000 USD, reached a month before a re-Test of the support, over 9,000 USD and 95,000 USD turned in two major resistance zones.

The Bitcoin price chart presents the immediate support and resistance level/Source: trading view

 

In the case of an upward trend of Bitcoin should let the hurdles at 9750 USD to 9,850 USD, to reach the coveted milestone of 10,000 USD. However, The bulls need to overcome the resistance at 9,600 USD. Rejections at this important level are likely to be instructed in advance on an instant support of 9,300 USD. The current price level is not entirely unproblematic, since here the High from last weekend is at 9.745 USD still in sight.

Currently, the Bitcoin is traded in this area. In connection with an outbreak of a stronger price rally, it is conceivable; The note on a Pullback suggests, however, that continues to a lower price level might have consequences.

According to this Bitcoin price chart, a larger bull could be Run with more than $ 10,000 before. In the further course of the year 2020, this could push the currency pair BTC/USD to a new High of 16,000 USD. However, it Comes in the next few weeks to a continued decline could reach prices of around $ 6,000. Dealer keep, therefore, the critical level 10.555 USD in glance, since this could affect an upward trend.