Bitcoin Price Prediction Analysis May 23rd: What to Expect from the BTC and Crypto Markets This Week

Bitcoin and cryptocurrency markets this week (May 23-29): The cryptocurrency market is having a hard time getting out of the current slump. And it’s not alone. In fact, other markets around the world are also going through a tough downturn amid recession fears and rising inflation.

For the past few weeks, the price of Bitcoin (BTC), which dominates around 45% of the entire crypto market, has remained in the RED.

Interestingly, amidst the current downturn, a high correlation between the global crypto and stock markets is becoming evident.

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“The Dow Jones Industrial Average has been down for 8 straight weeks; the major indices also fell along with it. As the S&P 500 fell, its high correlation with the crypto markets was evident. BTC, which ended the week at the $30,000 level, also marks the 8th straight weekly close in the red,” Darshan Bathija, CEO and co-founder of Vauld, told FE Online.

Bitcoin price is up around 3 percent in the last 24 hours. For the past 10 days, BTC has been trading flat, consolidating at around $30,000 levels. With investors appearing to be turning away from riskier assets in the current inflationary circumstances, Bitcoin may have a hard time rebounding to its glory days.

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“Even though bitcoin is up nearly 3% over the past 24 hours, it has failed to attempt to surpass $30,000. BTC has traded flat for the past week and struggled to move above its support,” said Edul Patel, co-founder and CEO of Mudrex.

Analysts at WazirX Trade Desk said in a note that the monthly trend for BTC broke below the ascending channel pattern.

“Next resistance for BTC is expected at $40,000 and immediate support is expected at $24,000. The monthly RSI for Bitcoin is currently at 47, which is the lowest level in over 2 years. Support for the RSI sits at 43,” the note reads.

Source: WazirX

The Relative Strength Index (RSI) is basically a momentum indicator used in technical analysis of an asset. The RSI is used to measure the magnitude of recent price changes in order to understand overbought or oversold conditions in an asset’s price.

When will BTC price recover?

Under the current circumstances, crypto users may have to wait for global stock markets to recover to see a recovery in crypto markets as well.

“As stock markets make new lows, it is likely that the current bearish trend will continue,” Bathija said.

Patel said an uptrend could be seen in BTC if it breaks above $32,000 this week.

“Investors are turning away from riskier assets due to heightened market uncertainty following the rate hike. If BTC can break its initial resistance levels at $31,000 and $32,000 this week, we may see an uptrend,” he said.

(Cryptos including Bitcoin and other virtual digital assets are not regulated in India. They are considered extremely risky to invest in. Please consult your financial advisor before making any investment decision.)

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