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Bitcoin (BTC) rebounds after crashing below $30,000 – Can it surge past $34,000?

Bitcoin (BTC) appears to have slightly recovered after one of its worst crashes in 2022. The coin had fallen below $30,000 for the first time since July last year. However, it rebounded sharply in a few days. Here are the main takeaways:

  • BTC is currently hovering above $31,000 after a slight recovery over the last 24 hours

  • However, there still remains a significant downside risk that could push BTC below $30,000

  • Bullish RSI divergence however suggests a surge towards $34,000 could happen

Data Source: Tradingview 

Bitcoin (BTC) – How the price may playout

Bitcoin (BTC) fell below $30,000 for the first time in almost 10 months. Although the coin had seen sharper falls in 2022, it had never breached $30,000. The mega-cap however recovered almost instantly and is now hovering above $31,000. 

Despite this, a lot of downside risk still remains. In fact, there are fears that slow investor sentiment and an ongoing broader correction in the market could crash BTC to $20,000 before any future bull run. But momentum indicators show that there is an opportunity for short-term gains.

We expect BTC to test $34,000 based on the current RSI divergence. However, upward momentum remains severely limited. Unless something drastic happens to change sentiment, BTC will likely sell off after hitting $34,000 and may as well lose the $30,000 support once more.

Where will BTC bottom?

A lot of analysts were expecting some correction in Bitcoin this year. However, the price has fallen sharply than expected. If BTC is not able to stay above $30,000, we are going to see a huge drop in the price. 

In fact, downside risks below $30,000 are so serious to a point where BTC could go into free fall once it firmly settles below $30,000. Most analysts fear the coin could bottom at $20,000 before its next run.

The post Bitcoin (BTC) rebounds after crashing below $30,000 – Can it surge past $34,000? appeared first on Coin Journal.

Binance Coin Price Prediction for Today, May 14: BNB Under Pressure As Price Plummets Below $290

The Binance Coin price prediction eyes $285 support to gain momentum to overcome resistance at the $300 level. BNB/USD Market Key Levels: Resistance levels: $350, $370, $390 Support levels: $230, $210, $190 BNBUSD – Daily Chart BNB/USD has been facing the downside as the coin heads to cross below the lower boundary of the channel.::Listen

The Binance Coin price prediction eyes $285 support to gain momentum to overcome resistance at the $300 level.

BNB/USD Market

Key Levels:

Resistance levels: $350, $370, $390

Support levels: $230, $210, $190

Binance Coin Price Prediction
BNBUSD – Daily Chart

BNB/USD has been facing the downside as the coin heads to cross below the lower boundary of the channel. Before the sideways trading, the Binance Coin touches the resistance level of $298 with the generally bullish market during the European session as the coin retreats below the opening price of $290.2.

Binance Coin Price Prediction: Would BNB Price Move Higher?

The Binance Coin is trading at $287.3 amid losses below the 9-day and 21-day moving averages in the daily chart. At the time of writing, the drop is likely to be consistent as the technical indicator Relative Strength Index (14) emphasizes the declines trending lower below 35-level. The nearest support at $250 is likely to hold despite the strong arm of the bears while sideways trading could also take precedence based on the technical indicator.

However, to come out of the resistance range under $300, BNB/USD must pull toward $320 and focus on taking down higher hurdles at $350, $370, and $390. Nevertheless, if the bullish push failed and $270 support comes to focus, expect more support at $250 below the lower boundary of the channel, and any further support levels could be located at $230, $210, and $190.

BNB/BTC Market: Consolidating to the Downside

Against Bitcoin, the recent price decline places the Binance Coin below the 9-day and 21-day moving averages. However, the 0.009 BTC and below could provide a support level for the next selling pressure as the Relative Strength Index (14) moves below 50-level.

BNBBTC – Daily Chart

Meanwhile, after touching the daily high of 0.010 BTC today, BNB/BTC price drops to where it is currently trading at 0.0098 BTC. However, if the support level of 0.0094 BTC can act as a solid line of defense against any further downtrend; the resistance level of 0.010 BTC and above may come into focus.

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Bitcoin (BTC) rebounds after crashing below $30,000 – Can it surge past $34,000?

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