Bitcoin Price Prediction for Today May 12: BTC Price Enters the Oversold Area at $25.8K

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Bitcoin Price Prediction for Today May 12: BTC Price Enters the Oversold Area at $25.8K
Bybit

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Bitcoin Is in a Narrow Range as It Enters the Oversold Area at $25.8K – May 12, 2023

Today’s largest cryptocurrency has revisited the previous low as it enters the oversold area at $25.8K. Analysts predicted that the decline would go as far as $25,200 before the bullish trend started up again. Due to the current decline, cryptocurrencies have entered the oversold sector of the market. The price of Bitcoin is rising as it gets closer to the $25,857 level.

Bitcoin Price Statistics Data:•Bitcoin price now – $26,793.98 •Bitcoin market cap – $519,018,574,368•Bitcoin circulating supply – 19,371,800 BTC•Bitcoin total supply – $562,417,463,029•Bitcoin Coinmarketcap ranking – # 1

Resistance Levels: $50,000, $55, 000, $60,000 Support Levels: $25,000, $20,000, $15,000

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On May 12, the price of Bitcoin (BTC) dropped to a mandatory low of $25,857. The cryptocurrency is getting close to breaking through at $25,234. The breakthrough price level was breached on March 14 when Bitcoin surged to an April 14 high of $30,968. Currently, the BTC price is correcting upward as it crosses above the $26,500 support. On March 18, Bitcoin’s price stabilized above the $26,500 support ahead of a market reversal. The first barrier to the upward momentum is the $27,000 high. The cryptocurrency asset will move into the range-bound region between $27,000 and $30,000 if the initial resistance level is breached. The likelihood of Bitcoin testing its previous peak of $30,000 is high. Given that Bitcoin has entered the oversold region of the market, further losses to the downside are unlikely. Bitcoin is at level 37 on the Relative Strength Index for period 14.

‘Memepool’ Full: How May Exchanges Alter Bitcoin Withdrawal Fees?

Bitcoin transaction costs have increased, therefore cryptocurrency exchanges are taking action to better serve their customers. Some cryptocurrency exchanges have taken measures to modify the cost of withdrawing Bitcoin (BTC) from their platforms in response to the continued rise in transaction fees for the cryptocurrency. The company’s customer care manager said on Reddit on May 10 that the US-based exchange Kraken had increased Bitcoin withdrawal fees to match the existing on-chain rates. The support manager stated, “This helps guarantee withdrawals are executed on-chain promptly.

The Kraken employee also mentioned the public list of the company’s Bitcoin withdrawal costs and minimum withdrawal quantities. The information indicates that Kraken has a minimum withdrawal requirement of 0.0005 BTC, or about $13, and charges 0.00035 BTC, or about $10, for a Bitcoin withdrawal. On the Lightning Network (LN), the minimum BTC withdrawal value is substantially lower than on non-Lightning BTC, starting at just 0.00001 BTC, or less than $1. Additionally, the support manager suggested that users look into using the Lightning Network as a substitute. The LN option, adopted by Kraken in March 2022, enables customers to withdraw BTC for nothing from the site.

Bitcoin Price Prediction for Today May 12: BTC Price Enters the Oversold Area at $25.8K
BTC/USD – 4 Hour Chart

Nevertheless, throughout the past 48 hours, Bitcoin has been trading in a narrow range as it enters the oversold area at $25.8K. The initial point of resistance for the upward correction is $27,000.Bitcoin’s positive trend will return if buyers pass the threshold at $27,000 and $28,000, or above the moving average lines. The BTC price has currently reached an oversold region, as buyers are expected to emerge.

Alternatives to Bitcoin

The cost of Bitcoin (BTC) has now risen after hitting an oversold region of the market. The crypto’s price fell to a low of $25,800 before increasing to the $26,000–27,000 range. Currently, the largest cryptocurrency is restricted to a tiny range. The price of Bitcoin needs to climb back above the existing support level to start moving in the right direction again. BTC’s price will rebound past its peak of $28,000 in value. Bullish momentum will pick up as we approach the psychological price threshold of $30,000. In a limited range, AiDoge (AI) and other cryptocurrencies will rebound along with Bitcoin.The AiDoge meme generator uses contemporary AI algorithms to create memes that are pertinent to the circumstance. Memes of the highest level and currently are therefore assured. Approximately $8 million has been raised so far.

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