Bitcoin (BTC) Price Analysis for May 20


The weekend has started with ongoing bear pressure as the rates of most of the coins keep falling.

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The rate of Bitcoin (BTC) has almost not changed since yesterday.

Image by TradingView

On the local chart, the rate of Bitcoin (BTC) is bearish as the price has bounced off the resistance at $26,923. If buyers cannot seize the initiative by the end of the day, the decline may continue to the $26,800 zone tomorrow.

Image by TradingView

On the daily time frame, the situation remains the same as neither buyers nor sellers are dominating at the moment. The falling volume also confirms that fact. In this case, ongoing sideways trading in the area of $26,500-$27,500 is the more likely scenario for next week.

Image by TradingView

From the midterm point of view, bears maintain their pressure as the rate has fixed below the $27,000 mark. As there are no reversal signals yet, one can expect an ongoing correction to the $25,000-$25,500 range.

Bitcoin is trading at $26,903 at press time.