{"id":20966,"date":"2023-05-15T21:01:56","date_gmt":"2023-05-15T21:01:56","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-price-outlook-for-may-market-updates-bitcoin-news\/"},"modified":"2023-05-15T21:01:56","modified_gmt":"2023-05-15T21:01:56","slug":"bitcoin-price-outlook-for-may-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-price-outlook-for-may-market-updates-bitcoin-news\/","title":{"rendered":"Bitcoin Price Outlook for May \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Midway through May and bitcoin has mostly fallen lower, as markets digested several key pieces of economic data. The headline was another rate hike by the Federal Reserve, which came as U.S. non-farm payrolls rose marginally higher than expected. Heading into the last fortnight of the month, could bulls be on the brink of returning?<\/strong><\/p>\n

Current Market Status<\/h2>\n

At the halfway point of May, bitcoin has fallen to a two-month low, as market sentiment shifted bearish, following April\u2019s strong gains.<\/p>\n

With several key data points all being released in a short window, it was somewhat expected that price uncertainty would be present.<\/p>\n

The Fed increased interest rates by 25 basis points, days after non-farm payrolls rose to 253,000, versus expectations of 180,000.<\/p>\n

Since then, inflation fell to 4.9% in April, with many still uncertain as to what the Federal Reserve will do during June\u2019s meeting.<\/p>\n

May Outlook<\/h2>\n

Bitcoin (BTC<\/a>) fell to a low of $25,810 last Friday, which came after a breakout occurred at a key price floor of $26,500.<\/p>\n

This move saw the world\u2019s largest cryptocurrency plunge to its weakest point since March 17, when the price was below $25,000.<\/p>\n

Since then, BTC<\/a> has somewhat rebounded, climbing to a peak of $27,527.51 earlier in today\u2019s session.<\/p>\n

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BTC<\/a>\/USD \u2013 Daily Chart<\/figcaption><\/figure>\n

From the chart, one of the catalysts for this move was the 14-day relative strength index (RSI), which rose above a ceiling at 42.00.<\/p>\n

The index is now tracking at 44.66, with bitcoin reentering its own support point at $27,500, with bulls seemingly targeting $28,000 in the near term.<\/p>\n

A big test will be what happens when the RSI reaches a ceiling at 48.00, should it move beyond this, not only will BTC<\/a> be above $28,000, however, there is a good chance that it could hit $30,000 before the month\u2019s end.<\/p>\n

Where will bitcoin end the month? Let us know your thoughts in the comments.<\/strong><\/em><\/p>\n

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\nEliman Dambell <\/h6>\n

\nEliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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