Bitcoin Price Prediction Daily (17-May-2023) Downtrend Continues!

2:52 pm, Wed, 17 May 23

Current Bitcoin Data

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How is Bitcoin (BTC) Looking Today?

Bitcoin is currently trading around the $26,600 mark and is looking quite bearish in the immediate short term. As highlighted in our previous analysis, the price failed to reclaim the support at $27,000 and is struggling to gain momentum once again. The $27,000 mark is a crucial level as it has been acting as support for Bitcoin for a while now. Bears were struggling to break below this level previously, but now they have been able to push the price below this level for the second time this week. It is likely we will see this downtrend continue, and Bitcoin will be heading toward lower targets. Let’s take a quick look at the latest Bitcoin Price Prediction Daily (17-May-2023) to see where the price could be headed next in the coming days.

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Analyzing the Charts

If we look at the latest 1-hour charts for Bitcoin, the first thing we can notice is that the price tried to get back above $27,000 but failed to do so. It is now heading towards the $26,200 mark, which is a support area from where the price bounced a few days back.

The price will likely break below $26,200 in the short come, and Bitcoin will continue to bleed. If the price somehow manages to reclaim $27,000 here, the first resistance we will be eyeing is the $28,200 mark.

However, a jump toward the upside seems unlikely at the moment, and Bitcoin could be heading to retest the lower levels. The first area that we are currently eyeing for Bitcoin in the short term is the $25,000 mark.

Conclusion: Final Verdict on Bitcoin (BTC)

Bitcoin is currently trading below the support at $27,000 and is looking bearish in the immediate short term. It is crucial for BTC to reclaim the support at $27,000 before it closes multiple daily candles below it. If the price continues to stay in this zone, it will touch the $25,000 mark soon. A failed retest of $27,000 in the coming hours will also give us a shorting opportunity against Bitcoin.

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