A few hours ago, the candidate for the U.S. presidential election, Vivek Ramaswamy, announced that he would be accepting Bitcoin for campaign donations. Following the news, a cryptocurrency analyst stated his point of view on Twitter concerning the next direction of BTC.
The cryptocurrency analyst, whose Twitter handle is Trend Rider, said that the price of BTC is likely to keep expanding upward if only the $27500 resistance is broken. As per Trend Rider, the Rider Band indicator is contracting, and this means that something intriguing is impending.
Key Bitcoin Levels To Watch – May 21
Following the doji candlestick as well as the bullish marubozu, a reversal occurred from the $19569.00 demand zone. The price expanded massively to the upside until the current intermittent high was created at $31050.00. The market’s overall trend is still bullish.
Nevertheless, BTCUSD is currently undergoing a correction to the downside. As per the MACD (Moving Average Convergence Divergence), BTCUSD will likely be heading down into the demand zone of $25289.00. Once the $25289.00 demand zone is reached, prices are expected to resume the overall market trend.
BTC Key Levels
Resistance Levels: $31050.00, $37401.00, $48240.00
Support Levels: $25289.00, $19569.00, $15460.00
Total Market Capitalization: $1.12T
Bitcoin Market Capitalization: $521.20B
Bitcoin Volume: $8.40B
Market Rank: #1
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