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What's next for Bitcoin price? - May 31, 2021 edition

By ssaurel | In Bitcoin We Trust | 31 May 2021


A new week begins for Bitcoin and a month ends.

Everyone is now wondering what to expect in June 2021. Will we get back to $40K before trying to get back to $50K? Or will we enter the dreaded Bear Market?

This weekend has allowed us to see a little more clearly in my opinion. We can see that there are different forces at work on the above price chart from Glassnode:

d3def2cafc28a46add40feb61051a05ac9be829c87019438a0f8b961dd9f51c2.jpgOn one side we have the short-term HODLers who tend to sell because they lack a long-term vision.

On the other hand, we have the long-term HODLers who continue to accumulate more BTC.

The latter ones are convinced that the Bull Market is far from over. I am currently in this camp. For me, we are only in the middle of this Bull Market.

Finally, miners, and this is a very positive sign, are still accumulating Bitcoin. No panic in sight on their side.

This weekend, the price of Bitcoin does seem to have reached the bottom of the current trend, which would be a sign of a potential bullish reversal.

This week, the price of Bitcoin is expected to test the $38k and then the $42K, which is the resistance that needs to be broken in order to have any hope of getting back to the $50K level. The $42K has been tested several times without success since the crash of May 19, 2021, and we will have to watch carefully how the market behaves this week at this price level.

Another sign of optimism is that Bitcoin's RSI has reached the oversold region for the first time since March 2020.

For those who want to learn more about the importance of tracking the RSI, it is here: "Find Out What Bitcoin’s Relative Strength Index (RSI) Is and Why It Does Matter".

If you still have doubts about how to behave with Bitcoin, the advice that is usually given is: do not sell your Bitcoin when the market is already oversold. That would be a mistake.

The month of May will close tonight in the red, and we are about to start a month of June that looks much more positive in my opinion. Once the FUD has finished dispersing, investors will refocus on the fundamentals of Bitcoin, and a new wave of bullishness can begin.


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ssaurel
ssaurel Verified Member

Entrepreneur / Developer / Blogger / Author.


In Bitcoin We Trust
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In Bitcoin We Trust is a place where Bitcoin believers share their ideas about the upcoming revolution. Blockchain and cryptocurrencies are also covered in this publication.

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