Bitcoin Price (BTCUSD) Records Significant Losses: Forecast Analysis for May 24, 2024

by Jennifer

The price of Bitcoin (BTCUSD) experienced substantial downward pressure in recent trading sessions, breaking below the $69,385.00 mark and descending to levels around $66,250.00. This downward movement signals a continuation of the anticipated bearish bias in forthcoming sessions, with a focus on testing critical support levels for both intraday and short-term trades, notably at $65,483.00.

Market analysts anticipate further negative trading activity at present, with the caveat that a breach above $69,385.00 could alleviate the current downward pressure, potentially leading to a resumption of the primary bullish trajectory.


Traders should consider the expected trading range, spanning from a support level of $65,500.00 to a resistance level of $69,200.00, as they strategize amidst evolving market conditions.


Forecast Trend: Bearish

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