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Bitcoin Price Prediction for May 24: Bulls Pause Near $112K as Breakout Momentum Cools


by Parshwa Turakhiya
for CoinEdition
Bitcoin Price Prediction for May 24

After staging a powerful rally from below $102,000, the Bitcoin price today is trading near $111,150, showing signs of exhaustion just below the key resistance ceiling at $112,000. The move comes after a steep breakout on May 20 that took the Bitcoin price above multiple trendline resistances and historical supply zones. 

Highlights:

  • Bitcoin price today hovers near $111,150 as bulls face $112K resistance
  • RSI and MACD point to fading momentum after recent breakout
  • Key support zone rests between $109,200 and $108,300

However, current indicators suggest a pause may be ahead, as the bulls face a stiff test in maintaining the momentum. The broader Bitcoin price action remains bullish, but the short-term structure now points to potential consolidation or even a short-term pullback if bulls fail to hold key support clusters near $109,200 and $108,300.

What’s Happening With Bitcoin’s Price?

The recent price surge has created an ascending wedge structure on the 30-minute chart, with a visible squeeze near the $112,000 upper bound. This zone has capped price progress across multiple attempts since May 21, formi…

The post Bitcoin Price Prediction for May 24: Bulls Pause Near $112K as Breakout Momentum Cools appeared first on Coin Edition.

Read the article at CoinEdition

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Bitcoin Price Prediction for May 24: Bulls Pause Near $112K as Breakout Momentum Cools


by Parshwa Turakhiya
for CoinEdition
Bitcoin Price Prediction for May 24

After staging a powerful rally from below $102,000, the Bitcoin price today is trading near $111,150, showing signs of exhaustion just below the key resistance ceiling at $112,000. The move comes after a steep breakout on May 20 that took the Bitcoin price above multiple trendline resistances and historical supply zones. 

Highlights:

  • Bitcoin price today hovers near $111,150 as bulls face $112K resistance
  • RSI and MACD point to fading momentum after recent breakout
  • Key support zone rests between $109,200 and $108,300

However, current indicators suggest a pause may be ahead, as the bulls face a stiff test in maintaining the momentum. The broader Bitcoin price action remains bullish, but the short-term structure now points to potential consolidation or even a short-term pullback if bulls fail to hold key support clusters near $109,200 and $108,300.

What’s Happening With Bitcoin’s Price?

The recent price surge has created an ascending wedge structure on the 30-minute chart, with a visible squeeze near the $112,000 upper bound. This zone has capped price progress across multiple attempts since May 21, formi…

The post Bitcoin Price Prediction for May 24: Bulls Pause Near $112K as Breakout Momentum Cools appeared first on Coin Edition.

Read the article at CoinEdition

Read More

Is This the Most Boring, Yet the Most Important Time to Buy Altcoins?

Is This the Most Boring, Yet the Most Important Time to Buy Altcoins?

Crypto analyst Michaël van de Poppe has noted that the altcoin market remains in its ...
Eric Trump Says ‘Buy the Dip’ on BTC and ETH; Here’s What Happened Last Time

Eric Trump Says ‘Buy the Dip’ on BTC and ETH; Here’s What Happened Last Time

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