Key Takeaways:
- After trading under the bearish influence, Bitcoin price closed last week’s trade on a bullish note and presently attempting hard to sustain above the gained levels
- Even though bulls have gained significant strength, bears do not appear to be weak enough and hence keeping the rally elevated could be a tedious job for them
| Current Price | $27,955.04 |
| Market Capitalization | $541.93 billion |
| Circulating Supply | 19.38 million |
| Max Supply | 21 million |
| Volume (24H) | $16.45 billion |
| Change (7D) | +4.12% |
Technical Analysis for May 2023
The trade for May began on a bearish note as the prices slumped hard from $30,000 to levels close to $26,000. The bears managed to keep the prices consolidated below $27,500 for almost a month until the recent push lifted the price above $28,000. Presently, the price is facing a slight pullback as the bulls appear to have exhausted themselves, lifting the price high. Hence, a notable pullback currently, appears to be imminent.
Besides, the trading volume remained consolidated below 100K throughout the month, which kept the volatility levels pretty low. Hence, the price was compelled to remain consolidated until the recent breakout. The price has now entered the bullish pattern again, flashing the possibility to go long for the next few days. Hence, the BTC price is believed to maintain a healthy upswing toward the resistance at $30,800.
Read More: Bitcoin Price Prediction
Technical Analysis at a Glance
| Short Term (4hrs) | With the latest upswing, the BTC price is closer to accomplishing a ‘U-shape’ recovery with the neckline being at the crucial resistance above $30,000 |
| Mid-Term (1D) | The BTC price is consolidating under a minor bearish influence, indicating the formation of a probable bullish flag. Therefore, a sideways trend between the current levels could be on the horizon. |
| Long-Term (1W) | Despite the bullish weekly close, the BTC price appears to be under bearish influence, and hence the current week’s close is required to close on a bullish note to wane the bearish influence completely. |
Technical Indicators & Pivot Levels
| Indicator | Value (STF 4Hr/ HTF 1W) | Interpretation (STF 4Hr/ HTF 1W) |
| Relative Strength Index(RSI) | 73.86/57.80 | Neutral/Neutral |
| MACD | 321.41/1629.8 | Buy/ Buy |
| Average Directional Index (ADX) | 29.04/24.21 | Neutral /Neutral |
| Awesome Oscillator | 1046.67/5091.63 | Neutral/Neutral |
| Chaikin Money Flow Index | 0.10/0.21 | Bullish/Neutral |
Pivot Levels
| Moving Average | Short-Term (4hr) | Long Term (Weekly) |
| MA 5 | ||
| MA 10 | $27,494 | $28,166 |
| MA 20 | $27,086 | $26,051 |
| MA 50 | $26,882 | $22,155 |
| MA 100 | $26,945 | $32,936 |
| MA 200 | $27,715 | $26,355 |
The bitcoin price was trading along the diagonal support that it lost recently. The recent upswing lifted the price high within the ascending triangle. Unfortunately, fresh bearish pressure dragged the price fairly lower, below the diagonal support. Presently, the indicators are pretty bullish or neutral, which indicates the price may undergo a minor upswing ahead.
Besides, the RSI and ADX are neutral in both time frames, which indicates the price may remain consolidated for a while. Besides, MACD is also flashing bullish signals in STF and HTF, indicating the buying volume is slowly accumulating. Hence, a firm upswing could be on the horizon.
Bitcoin On-Chain Analysis
Bitcoin Hash Rate
Source: Coinmetrics.io
The Bitcoin hash rate, which determines the computational power required to validate a transaction and add the block to the chain, has been incremental since the beginning of 2023. Although the levels witnessed multiple pullbacks, the ascending trend remained intact as the hash rate marked new highs at 440.71 million this month and is currently trading at 394.1 million.
Bitcoin Active Address Count
Source: Coinmetrics.io
The daily active address is the active address count of all the consolidated buy, sell, or swap addresses. An address is considered only once, irrespective of the number of trades placed. The levels have slightly deviated towards the south ever since the active address count plunged hard on May 07. This indicates user activity on the platform has dropped in recent times.
Bitcoin Supply in Top 100 Addresses
Source: Coinmetrics
The supply in the top 100 addresses can be considered the whale addresses, as they hold 1% of the circulating supply. The supply in the top 100 addresses had risen fairly since the beginning of the year, but with the start of the current month, the levels dropped heavily from 2.88 million to 2.83 million. Hence, the drop in levels may harm the BTC price in the future.
CoinDCX Futures Trading
CoinDCX, along with being India’s leading crypto exchange, also offers the user the ability to trade in the futures market. Here, one can maximize their earnings from the crypto market. Moreover, one can also participate in the global crypto futures market, which offers high liquidity and lower slippage costs.
Bitcoin (BTC) Technical Analysis for Short-Term
Source: Tradingview
- The BTC price again faced rejection from the upper descending trend line and is currently trying to hold the support at 200-day MA levels
- A rebound from these levels may enable the price to rise beyond the interim resistance at $27,862 which may in turn propel the price to the upper target above $28,200
- As the bearish influence appears to have intensified, the possibilities of reaching the lower support zone between $27,440 and $27,331 appears pretty high
- Hence, if the bulls manage to hold at these levels and trigger a rebound, then one can expect a minor recovery, else the bearish trend may continue
Bitcoin (BTC) Technical Analysis for Long-Term
Source: Tradingview
- The BTC price in the long term appears to be extremely bullish and preparing for a massive explosion
- The price has just reclaimed above the crucial 200-day MA levels that it had lost in June 2022 and despite a bearish action, managed to trigger a rebound
- Although the volume is comparatively low, the bulls are expected to lift the rally towards the immediate resistance zone between $30,612 and $31,747
Additional Read: Bitcoin Ordinals Reaches Over 10 Mn Ordinals Inscriptions
Where & How to Buy Bitcoin (BTC)
Bitcoin can be purchased here on CoinDCX App which is India’s largest crypto exchange. All you need to do is download the App, enter the required details, and complete the KYC. Once your profile is verified, fund your wallet and buy Bitcoin.
FAQs
Is Bitcoin bullish or bearish?
Bitcoin price is bullish in the long term but flashes the possibility of a bearish pullback in the short term
What is the current RSI for BTC?
The RSI for BTC in the short term is 73.86, and in the long term, the levels are around 57.80. Note: The numbers are as of May 30, 2023.
Is it a good time to buy BTC?
Bitcoin is displaying its potential to trigger a fine upswing in the coming days that may lift the price beyond the upper targets. Therefore, with enough research and analysis, one can dive into BTC.
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