Bitcoin Reclaims $30K Territory After Recent Weeks’ Struggle – Analysts Weigh In
2022年5月23日 - 5:23PM
NEWSBTC
Bitcoin recorded a significant positive divergence
early Monday, following seven days of trading below $30,000.
The crypto is trading at $30,536.93 at press time, a decrease
of 2.5 percent from the previous week, according to Coingecko data.
In the preceding 24 hours, the worldwide cryptocurrency market
capitalization increased by almost 2 percent, reaching nearly $1.3
trillion. However, the total trading volume of cryptocurrencies was
up by more than 28 percent to $62.13 billion. Bitcoin has
struggled in recent weeks as the U.S. Federal Reserve has increased
interest rates and inflation has remained up, increasing the
likelihood of further monetary tightening. Suggested Reading |
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No Longer A Hedge Vs. Inflation? In the past, Bitcoin was
recommended as a hedge against inflation, but in recent months it
has proven to be closely associated with risk assets, such as the
Nasdaq 100, which has fallen in response to broader market
volatility. Over the past 10 days, Bitcoin’s price has been trading
flat, consolidating around $30,000. Bitcoin may find it
difficult to recapture its former glory, since investors appear to
be avoiding riskier assets in the present inflationary environment.
According to Mudrex Co-Founder and CEO Edul Patel: “Despite a
nearly 3 percent increase over the past 24 hours, Bitcoin was
unable to breach the US$30,000 threshold. Over the last week,
Bitcoin’s price remained unchanged, as it struggled to move beyond
its support.” The Dow Jones Industrial Average (DJIA) has decreased
for nearly eight consecutive weeks, and major indexes have followed
suit. As the S&P 500 declined, a strong correlation between it
and the crypto markets became clear. BTC ending the week at $30,000
represents its seventh straight weekly closing in the red
territory, according to Darshan Bathija, CEO and Co-Founder of
Vauld. BTC total market cap at $578 billion on the daily chart |
Source: TradingView.com For his part, popular crypto analyst Lark
Davis writes: “Bitcoin is exhibiting a massive bullish divergence
on a daily scale. The last time something similar occurred was in
2021. Could this portend a massive rally?” Suggested Reading |
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Recovery Crucial Next Two Weeks For BTC Genesis Global Trading’s
Noelle Acheson and Konrad Laesser said in a Saturday note that the
price of Bitcoin will likely fluctuate between $29,000 and $31,000
over the next two weeks. Some economic-data releases, such as U.S.
gross domestic product (GDP) or inflation figures, “may alter the
narrative,” according to Acheson and Laesser. According to analysts
at WazirX Trade Desk, BTC’s monthly trend has broken below the
ascending channel pattern. Meanwhile, the next level of resistance
for BTC is anticipated to be $40,000, while the nearest level of
support is $24,000. Bitcoin’s monthly relative strength index is
currently at 47, its lowest level in more than two years. The
support level for the RSI is 43, according to analysts. Featured
image from Al Bawaba, chart from TradingView.com
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