Bitcoin Breaches Critical $31K Resistance Amid Booming Global Equities
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The 9% rally was sponsored by global investors following a sharp rally in Asian and European equity markets. With American markets closed for the Memorial Day holiday, the USD had no momentum to resist trading pressure.
That said, the rally in the crypto market can be traced to a weaker dollar and an on-chain report from analytics provider Glassnode. The report highlighted that Bitcoin HODLers were “the only ones left” after the crash and they were “doubling down as prices correct below $30K.” The report showed that despite the debilitating sell-off recorded by some of these long-term holders, the total Bitcoin supply held by this group recently tapped an all-time high of 13.048 million BTC.
Detailing the factors responsible for the BTC rally, an analyst at GlobalBlock, Marcus Sotiriou, noted:
“Bitcoin broke above $30,000, but it needs to hold the $29,300 level on a retest to suggest continuation to the upside. Relief has been long overdue in the crypto market, as the US stock market already rallied last week, after Jerome Powell’s speech that gave the market clarity on their plans to carry out a soft economic landing.”
Key Bitcoin Levels to Watch — May 31
Defeating the odds stacked against it, Bitcoin finally breached the $30K – $31K resistance zone yesterday, tapping the $32K top.
The recent bull rally pushed the benchmark cryptocurrency into the $31K – $41K pivot area. BTC needs to hold its position above the $31K pivot base over the coming few days to secure the budding bullish sentiment. That said, a defense of the stated support base should open the door for a bullish extension towards $33.75K and put the crypto winter into contention.
Meanwhile, my resistance levels are at $32,000, $33,000, and $33,750, and my key support levels are at $31,000, $30,300, and $30,000.
Total Market Capitalization: $1.31 trillion
Bitcoin Market Capitalization: $600.5 billion
Bitcoin Dominance: 45.9%
Market Rank: #1
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