Bitcoin price prediction: Can BTC sustain its price above $27k?

2023-5-11 17:39

Key takeaways

Bitcoin has been struggling to stay above $27,500 over the past few days.

The cryptocurrency slightly dipped below $27k on Wednesday but is now trading above that level once again.

The buying pressure in the market is currently low, and this could affect BTC’s price in the near term.

Bitcoin price prediction: BTC struggles to maintain price above $27,500

Bitcoin, the world’s largest cryptocurrency by market cap, has been underperforming so far this week. Over the last seven days, BTC has lost more than 7% of its value and dropped below the $28k mark.

The leading cryptocurrency recorded a sharp dump on Wednesday following reports that there was a transaction from the United States government’s BTC wallet. 

Bitcoin recovered from its dump yesterday and went on to trade above the $27,700 level. However, the poor performance has resumed, and BTC has lost more than 2% of its value today.

At press time, the price of Bitcoin stands at $27,320 and could dip lower over the next few hours.

BTC could dip below $27k soon

Bitcoin has been underperforming since the United States inflation figures came out earlier this week. The inflation figure in the United States remains high, indicating that the Federal Reserve could continue with its interest rate hikes.

If that happens, BTC could drop below the $24k level in the near term as investors adjust to the new reality. 

However, if the Federal Reserve pauses its rate hikes, assets like Bitcoin could be one of the biggest winners.

BTC/USD Chart By TradingView

 

In terms of technical analysis, it is not looking good for Bitcoin in the short term. The MACD line is below the neutral zone, indicating that there are more sellers than buyers in the market.

Furthermore, the 14-day RSI of 38 shows that Bitcoin could enter the oversold region if the current market condition persists. 

Where to buy Bitcoin now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BTC with eToro today Disclaimer

Coinbase

Coinbase is a global cryptocurrency exchange. Its platform is well designed for beginner investors and it offers a wide range of coins, as it has over 100 to choose from. Coinbase has high level security built into the platform, a range of diverse features to use and it offers its users options for storing their crypto, such as being able to store coins on the Coinbase exchange.

Buy BTC with Coinbase today Disclaimer

The post Bitcoin price prediction: Can BTC sustain its price above $27k? appeared first on CoinJournal.

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