Bitcoin Price Analysis — May 24

Bitcoin has again confirmed its range-bound channel between $30,600 and $28,700 after a sharp rejection from the former yesterday. BTC suffered a 5.8% dump after tapping the $30,626 channel top yesterday.

This would be the third-consecutive rejection from that top, forming a triple top for BTC. That said, we could witness a bearish continuation to the $28,700 base over the coming hours amid a depressed trading volume. A fall to this mark could finally propel BTC into the $31,000 pivot zone and higher over the coming days.

However, a breach of the stated bottom could be fatal for the flagship cryptocurrency, as it could send it spiraling towards 2020 lows.

Meanwhile, my resistance levels are at $30,000, $30,600, and $31,000, and my key support levels are at $29,000, $28,700, and $28,000.

Total Market Capitalization: $1.25 trillion

Bitcoin Market Capitalization: $555.8 billion

Bitcoin Dominance: 44.3%

Market Rank: #1