Bitcoin (BTC) Price Analysis: A Quick Look at the 1-Day Timeframe (31-May)

2:43 pm, Tue, 31 May 22

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading above the $31,000 mark and is looking quite bullish in the short term. The price has not moved much throughout May and has basically stayed in the same price zone. However, the price broke above the $30,800 mark recently, which was acting as major resistance for the past three weeks. It is likely that the buyers will start stepping in now as a relief rally seems highly probable here. Let’s take a look at the latest 1-day charts for Bitcoin to see what we can expect from the crypto giant in the short term.

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Analyzing the 1-Day Timeframe

If we take a look at the 1-day timeframe for Bitcoin, we can see that the price was trading within a symmetrical triangle and has now broken out of it.

We can also see that the price is now facing resistance around the $32,000 mark and might stay below it for a few hours or days before making another move towards the upside.

Once the price breaks above the $32,000 mark, we will see a relief rally for Bitcoin. The next target for BTC in that scenario would be around the $35,000 region.

The $35,000 has plenty of significance, and it is likely that the sellers will start stepping in once again when this level is reached. A more towards the downside without any relief rally looks less likely at the moment.

Conclusion: Final Verdict on Bitcoin (BTC)

We witnessed a dramatic fall for Bitcoin during the first week of May, but the price became quite stagnant after that. It was moving within the consolidation zone between $30,800 and $28,600, but it looks like BTC is finally out of that zone as well. Right now, we are expecting Bitcoin to climb further as the buyers seem to be taking control. We will also be interested in buying more Bitcoin at this stage for midterm trading.

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