BTC Price Fluctuates Above $30K

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Bitcoin Price Prediction for Today May 16: BTC Price Fluctuates Above $30K
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Bitcoin trades in tight range as BTC price swings above $30k – May 16, 2022

Since May 12, BTC/USD has been consolidating above the $29,000 support as the BTC price fluctuated above $30K. Over the past week, Bitcoin has been fluctuating between the $27,900 and $32,000 price levels. The biggest cryptocurrency is yet to come.

Bitcoin Price Now – $30,348.87 Bitcoin Market Cap – $577,013,252,162 Bitcoin Circulating Supply – 19,042,012.00 Bitcoin Total Supply – $636,593,413,130 Bitcoin Coinmarketcap Ranking – #1

Resistance: $50,000, $55,000, $60,000 Support: $40,000, $35,000, $30,000

BTC/USD – Daily Chart

Since May 11, buyers and sellers have failed to control price action. On May 13, Bitcoin attempted to rally but was stuck at the $32,000 resistance level. Likewise, on May 12, BTC price fell sharply to a low of $26,591, but the bulls bought the dip. Neither bulls nor bears have the upper hand, hence the current range-bound move. As a result, Bitcoin was forced to fluctuate between the $27,900 to $32,000 price level. The coin is trading in a tight range as it continues to swing above the $29,000 support. On the downside, if the bears break below the current support, the market will drop to a low of $26,000. On the upside, a price rally above the current support will take Bitcoin to the psychological price level of $40,000.

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Bitcoin Price Prediction for Today, May 16: BTC Price Volatility Over $30K
BTC/USD – Daily Chart

Meanwhile, Bitcoin is range-bound as the BTC price fluctuates above $30,000. On May 15, Bitcoin reached a high of $31,500, but was repelled at the $32,000 resistance. Yesterday, the market fell to $29,070, but the bulls bought the dip. Meanwhile, the May 12 downtrend; a retraced candlestick body tested the 78.6% Fibonacci retracement level. The retracement points to a further decline in Bitcoin towards the 1.272 Fibonacci extension or $24,382.30.

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