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Bitcoin traders can expect this as BTC ends May in red

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Bitcoin retraces to a key dynamic support level as a trendline resistance and $28k becomes a double obstacle for bulls.

BTC’s trendline resistance roadblockBTC price action has been making lower highs after price rejection at $31k in mid-April. A trendline resistance has become a key roadblock on the daily chart, preventing BTC from flipping to bullish.

A recent bullish breakout on 28 May faced rejection at the trendline resistance, setting BTC to retrace to the previous mid-range of $26.8k. Below the mid-range lies the 111-day MA of $26.5k. The 111-MA has checked three major drops so far. One in mid-March and two in May, making it a key dynamic support level. A breach below the MA and range low of $26.0k could offer sellers more upper hand, denting the bullish sentiment further.Conversely, BTC could rebound at the mid-range, which aligns with $26.6k, a key support level in late March/April after the U.S. debt ceiling news.

However, bulls must clear the trendline resistance roadblock to gain leverage. Northwards, resistance levels lay at $28.5k, $29.8k and $31k.

 

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