Bitcoin Price Update 31.05.18

According to the technical charts, the most popular cryptocurrency Bitcoin price is currently trying to gain a foothold in the level of $ 7,500, but a short-term bullish trend reversal is not yet confirmed.
During the last days Bitcoin was trading above the level of $ 7.440, but experts believe that in the near future its price may drop again to $ 7.100

On Wednesday, May 30, the average market price of Bitcoin exceeded $ 7,570, then the Bitcoin price plunged. Now Bitcoin trading at $ 7.540, which is 6% higher than yesterday, when it cost $ 7,100. After that, its rate rose sharply in a few hours, and since then it has not fallen below $ 7.440.

According to the CoinDesk experts, despite the rise in price, Bitcoin has not yet reached an important level of $ 7.930, so now no one can say that the price started to grow in the long term. On the contrary, most likely, in the near future, its price will again fall to $ 7.100.

Experts added that if Bitcoin price could not hold above this level, it would drop back to $ 6,900, after which it could drop to $ 5,000 within a short period of time. At the same time, if bitcoin starts to rise in price and its value exceeds $ 7.930 , it can reach a recent high of $ 9.958.

We recall that over the past four months Bitcoin was trading at $6.000-12.000, and since early March could not overcome the psychological level of $10.000.

This dynamics also influenced the other cryptocurrencies, which are traded in different directions: Ethereum rose in price by 0.7% to $ 570, Ripple fell 0.60% to $ 0.61, while Bitcoin Cash showed a decrease of 0.6% %, up to $1011.

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