Bitcoin Price Prediction as BTC Hovers Around $27K

Pathik Bhattacharya
Pathik Bhattacharya
Published on May 16, 2023 09:00 AM

Bitcoin (BTC) recently fell below its critical support level, but soon recovered to its current price of $27,300.

Bitcoin Price Prediction as Hovers Around $27K
Source: Unsplash

Tuesday's Bitcoin price prediction reveals that BTC is heading towards another jumbled movement reciprocating between $27,000 and $27,500. Bitcoin's price appears to be simply grinding higher, with a sprinkling of chop in between. What few adjustments have received have been remarkably identical in both time and expense.

After a weekend slowdown and pressure from the previous week, the latest rise in Call purchasing has resulted in an increase in the 7-14 day Implied Volatility (IV). According to Deribit Insight, the $27,300 price level is critical to the market's performance. Having been tried previously, a strong push-up may increase investor confidence. If the market fails to maintain this level of confidence, the market's confidence will fall.

Despite significant market losses, Bitcoin's net posture remains optimistic, according to the research group. There was recently news of a 'fake' government selling wallet, which briefly shattered Bitcoin bulls' expectations. Let's see how Bitcoin price prediction will move afterwards.

Bitcoin Price Prediction as 2011 Dormant BTC Account Reappeared

A dormant Bitcoin wallet from 2011 has lately emerged, raising doubts about the motivations behind this sudden activity. The wallet, which has 139 BTC worth around $3.5 million, has piqued the interest of the cryptocurrency world.

As hypotheses about the causes of this recovery emerge, people are watching to see how it will affect the Bitcoin market and whether it will give any insights into future price moves.

The revival of old Bitcoins has captivated the cryptocurrency community's interest, with substantial movement noted this year. 

According to Glassnode, there has been a rebirth of 3,200 BTC, 1,100 of which predate 2013.  Among these transactions is the owner of 139 BTC, who acquired them in June 2011 for just more than $2,250.  With the current price of Bitcoin, their assets have increased to an astonishing $3.5 million.

These old whale movements affect Bitcoin price predictions heavily as even 1 BTC is now worth more than $27K.

Bitcoin Price Prediction: Daily Chart

Bitcoin (BTC) is currently trading at $27,126.20, with a 24-hour trading volume of $13,956,887,706. This indicates a -0.37% drop in the last 24 hours and a -1.89% drop in the previous 7 days. Bitcoin has a market valuation of $525,561,987,140 and a circulating supply of 19 million BTC.

The King crypto has recovered lost ground and is again trading above $27,000. This rising trend has been aided by a number of reasons. Bitcoin witnessed a rally after finding support at the $26,650 level on Monday, hitting the $27,000 mark. 

This bullish momentum is bolstered further by the creation of a bullish engulfing candle on the four-hour time frame, indicating the possibility of more price appreciation. The 15-day exponential moving average and the $26,700 level are important for immediate support. 

Furthermore, the crossover of the 50-day exponential moving average above the 200-day moving average signals a change in favour of purchasers, bolstering their market position. As a result, if Bitcoin can break the barrier above $27,000, the price might approach $28,000. 

bitcoin price chart

Source: TradingView


In conclusion, Bitcoin price prediction points towards a nearby surge as Bitcoin is in a crucial zone which could lead the prices to break the $27K mark and ascend to $28K. The technical indicators are all signalling a Buy market which adds positive sentiment for Bitcoin.

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