Bitcoin Price Analysis: Market Regains Modest Bullish Momentum
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Last week, the crypto market saw billions of dollars flow out of the industry as Bitcoin (BTC) struggled to stay afloat. After a failed attempt at the $40k level, BTC plunged below the $34k level yesterday.
At press time, the benchmark cryptocurrency trades at $36,200 per unit and is up by 4.7% against the USD. Regardless, BTC is still down by 35% over the past 30 days.
Ethereum, the second-largest cryptocurrency, trades around $2,450 and is up by 7.6% on the day.
Meanwhile, Cardano is the best-performing large-cap crypto today, with a whopping daily gain of more than 20%.
Akash Girimath, an analyst with Fxstreet, asserted that the price of Bitcoin currently “hangs between whale accumulation and miners’ woes.” Although Girimath paints a very gloomy picture for the near-term prospects of BTC, the primary cryptocurrency can still turn it around.
The analyst noted that:
“As grim as it may sound, Bitcoin’s price still has room to head higher, at least until $42,000. The bearish thesis put forth by the head-and-shoulders technical pattern will face invalidation if BTC generates a decisive daily candlestick close above the resistance level at $42,000.”
Key Bitcoin (BTC) Levels to Watch — May 30
Following a dominantly bearish weekend, Bitcoin appears to have found a slight bullish momentum. The primary cryptocurrency has broken above a previously unbroken channel but is having problems breaking into the $36,500 pivot zone.
That said, a break above the $37,000 resistance level and 200 SMA could restore a good amount of bullish momentum for the cryptocurrency ahead of the crucial $40k hurdle.
Nonetheless, failure to clear this resistance could push BTC back into the channel and lower over the coming days.
Meanwhile, our resistance levels are at $37,000, $37,500, and $39,500, and our key support levels are at $35,000, $34,200, and $33,000.
Total Market Capitalization: $1.57 trillion
Bitcoin Market Capitalization: $677 billion
Bitcoin Dominance: 43.1%
Market Rank: #1
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