Bitcoin Price Analysis: BTC Bounces Up From $34,700 Support
Daily Bitcoin BTC Price Forecast
- Bitcoin price has reversed the parabolic SAR from negative to positive.
- MACD on the verge of reversing from bearish to bullish.
Between May 9 and May 23, the Bitcoin price crashed by >40% and flipped the 20-day, 50-day, and 200-day SMAs from support to resistance. Then on Monday, May 24, the Bitcoin price jumped to $39,050 and then trended horizontally for the next three days as it reversed the parabolic SAR from negative to positive.
Bitcoin Price Finds Support At $34,700
On May 28 and May 29, the Bitcoin price crashed from $39,050 to $34,700. This line has previously provided robust support to the BTC price on May 23. Bitcoin has jumped up to $35,500 this Sunday. A week back, the premier cryptocurrency has flipped the parabolic SAR from negative to positive. However, the MACD shows sustained bearish momentum, so overall sentiment for BTC is definitely negative.
Image: BTC/USD daily
Looking at the IOMAP, the Bitcoin price faces strong resistance at $37,000. Previously, at this level, around 935,000 addresses had purchased almost 475,000 BTC tokens.
More Bitcoin Moving In Loss Than Profit
Whalemap tweeted – “More #Bitcoin is moving at a loss than at a profit for the first time since Sep 2020.”
Millionaire Wallets Keep Accumulating
"#Bitcoin is at $35.4k after another mild drop-off over the past day. But the key $BTC millionaire bracket that we track has seen a mild uptick in holdings. Addresses with 100 to 10,000 $BTC have accumulated approximately 30k more $BTC this past week."
Amount Of BTC Held In Exchanges Decreasing
The amount of Bitcoins held in spot exchanges continues to decline as the investors keep buying.
Bitcoin Price Is Expected To Reach These Levels
The Bitcoin price buyers will need to take down the $37,000 resistance barrier to take down the $40,000 psychological level.