Bitcoin (BTC) held higher on May 30 as BTC/USD held $30,500 in opening week gains.
$32,000, $35,000 marked as lines in the sand
Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency consolidating near $30,600 after hitting a high of $30,900 on Bistamp.
Its best performance since May 16, a return to relative strength was welcomed by analysts, some of whom began discussing the possibility of a range breakout.
“Ultimately, Bitcoin Is Running Uphill,” Cointelegraph contributor Michael van de Pope Told Twitter followers.
“There is some more consolidation here and we are ready to break further upwards which has $32.8K and $35K resistance. The moment the market reaches $35K, that is the point where I am expecting everyone will change rapidly.
Fellow trader and analyst Rect Capital agreed, a break above $32,000 is needed for a change in trend and hold.
#B T c After holding it as support for the past few weeks, the macro is enjoying a rebound from the very bottom of the range low
said that $BTC ~$35K . Orange would need to break the ~$32K resistance to enable a rally to
For the time being, not a very meaningful move, macro-wise#bitcoin pic.twitter.com/tL7OpKOybm
— Rect Capital (@rektcapital) 30 May 2022
Meanwhile, downstairs, Van de Pope Thrown light on The area near May 29 is now closed weekly as a key support.
That weekly close was disappointing, marking the ninth consecutive red candle for BTC/USD.
Taking a conservative approach, trading account TXMC trades was unsure about bitcoin’s ability to cross the limit while the United States markets were closed for the Memorial Day holiday.
Despite the pump speeding up, still limited. LTF double top on resistance. the legacy #B T c A well-defined consolidation exit on a market holiday in the US without a catalyst? I don’t have a base case, but I’ve been wrong before. pic.twitter.com/0gjs6GXizc
— TXMC (@TXMCtrades) 30 May 2022
no bright future for stocks
There were also doubts about the true momentum behind their newfound strength, which showed itself last week, before the markets returned on May 31.
RELATED: ‘Mega Bullish Signal’ or ‘The Real Breakdown?’ 5 things to know about bitcoin this week
Bitcoin was initially slow to react, but its counterfeit behavior bolstered the idea that high levels of risky assets could eventually prove to be a counterfeit.
Commenting on the fate of the S&P 500, trader and analyst Pentoshi admitted that he did not see more upside to come.
“I think we are on an uptrend in the red box for SPX once we have had that beautiful swing low on the weekly,” he said. Told With a chart showing goals.
“It’s too hesitant to think it can keep pace (only gives the Fed more reason to tighten up).”
The US Dollar Index (DXY) retreated for another day, breaking below 101.5 for the first time since late April.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.
