Bitcoin Price Prediction for Today May 18: BTC Price Holds Above $28K

Bitcoin Regains Bullish Momentum as It Holds Above $28K – May 18, 2022

For the past week, BTC/USD has been confined between $27,900 and $32,000 price levels as it holds above $28K. Today, the bears are attempting to break below the $28,000 support. A break below the current support will signal the resumption of the downtrend. However, the Doji candlestick on May 12 has indicated that the current support has strong buying pressure.

Bitcoin price now – $29,092.90
Bitcoin market cap – $553,957,509,341
Bitcoin circulating supply – 19,043,737.00 BTC
Bitcoin total supply – $611,047,652,376
Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55,000, $60,000
Support Levels: $40,000, $35,000, $30,000

BTC/USD – Daily Chart

Today, Bitcoin is trading at $28,722 as of press time. The bears are attempting to break below the $28,000 support. Bitcoin will revisit the previous low at $26,591 if the current support is breached. Nevertheless, Bitcoin will further decline, if the bears break below the $26,591 support. The market will fall to the lows of $25,000 and $23,000 price levels. On the upside, Bitcoin will rebound if the current support holds. BTC price will rise to reach the high of $32,687. For the past week, the bulls have failed to break above the historical price level on January 24. That is, the high of $32,937. In the meantime, Bitcoin is trading above the crucial $28,000 support.

El Salvador Welcomes 44 Central Bankers to Bitcoin Three-Day Conference

El Salvador President Nayib Bukele has given an invitation to 44 central bankers from developing countries around the world to tackle financial inclusion and discuss Bitcoin at a three-day conference. Central bank delegates from Ghana to Burundi, Jordan to the Maldives, and Pakistan to Costa Rica have arrived in San Salvador for the conference.

El Salvador central bank, Douglas Rodríguez, said: “El Salvador is proud to receive representatives from 44 central banks and financial authorities to learn about the implementation of Bitcoin and policies to promote Financial Inclusion.” Also, in attendance is the team behind the Bitcoin Beach project who are on hand to educate the central bankers. Nicolas Burley, the co-founder of Galoy Money, the company that built the Bitcoin Beach wallet indicated that “the conference is focused on financial inclusion. They [the central bankers] don’t have much/any understanding of bitcoin […] they want to learn.”

Bitcoin Price Prediction for Today May 18: BTC Price Holds Above $28K
BTC/USD – Daily Chart

Meanwhile, Bitcoin is resuming upward as it holds above $28K. The largest cryptocurrency is consolidating between $27,900 and $32,000 price levels. Meanwhile, on May 12 downtrend; a retraced candlestick body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will further decline to 1.272 Fibonacci extension or $23,165.80.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

75% of retail investor accounts lose money when trading CFDs with this provider

Read more:
•               How to buy cryptocurrency
•              How to buy Bitcoin

Join us on Facebook

Cryptocurrency converter

Weekly Analysis

Quadency Review: Automated Crypto Trading Platform & Portfolio Management

Quadency is a digital asset management platform that provides automated trading and portfolio management solutions for both retail and institutional traders. The platform incorporates a...

Trade Like Her: $50,000 Giveaway

It’s International Women’s Day and Women’s History Month! Phemex is always hosting new events and campaigns to its dedicated users. In this special month,  Phemex...

3Commas vs Cryptohopper: Which is The Best Crypto Trading Bot Platform in 2022?

Automated trading platforms or ‘bots’ have become a popular way to trade cryptos. Instead of having to watch the crypto markets, and look for entry...

CoinRule Review: Automated Crypto Trading Bots Platform

Cryptocurrency traders can choose from a growing number of efficient, automated trading platforms that aim to simplify the entire process and allow anyone to make...

Bitrue fostering Cardano ecosystem growth with ADA base-pair listing

Bitrue, one of the fastest-growing cryptocurrency exchanges, has revealed the listing of ADA as a base currency on its trading platform from Thursday, February 24....

Phemex Exchange Adds SHIB, DYDX & FTM for Spot Trading

Phemex, the renowned crypto exchange and crypto futures trading platform announced back in November 26, 2021 the addition of three popular new assets for spot...