Bitcoin Price (BTCUSD) Forecast: Testing Key Support – May 17, 2024

by Jennifer

Expected Scenario

Bitcoin price (BTCUSD) is encountering downward pressure, testing the crucial support level at $65,390. As highlighted in our previous report, the price needs to consolidate above this level to sustain the bullish trend, targeting mainly the $70,000 areas. Stochastic indicators currently show clear positive signals, poised to inspire the price to resume the suggested bullish wave. The bullish trend remains conditional upon price stability above $65,390. A breach of this level will prompt the price to embark on new bearish corrections, opening the pathway towards negative targets starting at $63,135 and extending to $60,252.85.


Expected Trading Range


The anticipated trading range for Bitcoin spans between support at $64,000 and resistance at $68,000.

Trend Forecast: Bullish

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