Bitcoin Price Prediction for Today May 31: BTC Slumps to the Previous Low at $29.7K

Bitcoin Uptrend Doubtful as It Slumps to Previous Low at $29.7K – May 31, 2022

Bitcoin’s (BTC) upward correction has been invalidated as it slumps to the previous low at $29.7K. The largest cryptocurrency is attempting to revisit the previous low. The downtrend will resume if the bears break below the $28,600 support. BTC/USD is trading at $29,901 at the time of writing.

Bitcoin Price Statistics Data:
•Bitcoin price now – $29,826.29
•Bitcoin market cap – $567,673,941,043
•Bitcoin circulating supply – 19,055,837.00 BTC
•Bitcoin total supply – $625,635,832,656
•Bitcoin Coinmarketcap ranking – # 1

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

On May 31, Bitcoin (BTC) rallied to the high of $32,407. Buyers could not push the coin to the previous highs as the market reached the overbought region. Bitcoin should have further risen to the high of the 50-day line SMA or the $40,000 psychological price level if the $32,407 resistance was broken. Sellers have emerged in the overbought region  as Bitcoin declined to the crucial support above the $29,901. In the previous price action, the BTC price was in a range-bound move for two weeks before the eventual price rebound. The bottom line is that Bitcoin will be compelled to a range-bound move above the crucial support if the $28,600 price level holds. Otherwise, Bitcoin will decline below the crucial support.

The Next Bull Market Will Be Driven by Women, by Tim Draper

Famous crypto and tech investor, Tim Draper believes the retail purchasing power of women, and Bitcoin acceptance at merchant stores will push Bitcoin  to a new high of $250K. His reasons are based on the fact that as store owners begin to accept BTC as payment more widely, “all of a sudden, all the women will have Bitcoin wallets and they will be buying things with Bitcoin:” “Then you’re going to see a Bitcoin price that’ll just blow right through my $250,000 estimate.” Draper believes that it is in retailers’ best interest to begin accepting Bitcoin. Also, most store owners operate on low margins and reduced transaction fees compared to working with major credit card companies like  Visa or Mastercard who could increase BTC’s incentives.

BTC/USD – Daily Chart

Meanwhile, Bitcoin’s upward correction has been terminated as it slumps to the previous low at $29.7K. The largest is pausing above the crucial support. The bears have threatened to further sink Bitcoin to the previous low.

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