Bitcoin manages to stabilize at $30000 despite the collapse of the global crypto market last week and many cryptocurrencies hitting new lows
Bitcoin manages to stabilize at $30000 despite the collapse of the global crypto market last week and many cryptocurrencies hitting new lows, with the value of the crypto terra now almost zero.
Over the past week, Bitcoin recovered the psychological level of $30,000 and rose to $30566.48, although it was unable to maintain its bullish momentum to fall back to the $29,000 level. Interestingly, while many cryptocurrencies lost their prices and positions, they grew Bitcoin dominance amid crash to nearly 45%.
Bitcoin trying to maintain the $30,000 level
Since the massacre of the week ending May 13th you have not been able to digital currency The leader managed to keep the psychological support level of $30,000, and during the past week the currency repeatedly tried to break this psychological level but it was not able to jump above $30,000 and quickly drops to trade below it.
On Monday (May 16) and Tuesday (May 17) the currency made a rally to reach the $31,000 level, but it couldn't sustain the bullish momentum and quickly fell back down on May 19 to below $29,000.
On Friday (May 20) Bitcoin went up again and rose by about $2,000 to cross the $30,000 level, and since then, the currency fluctuates between ups and downs in the range of $29,000 and $30,000, and the total market value has fallen a little bit to reach 560 billion. Bitcoin dominance reached over 44%.
However, experts warn that an investor shouldn't be too sure about a sudden bitcoin rally, at least under current conditions, especially since about $640 million of bitcoin options are due to expire on Friday (May 20), and could lead to a significant drop in the price of bitcoin. This leads to a further decline to the currency's recent lows, meanwhile, experts also say anything can happen, Bitcoin could break its support or resistance level.
Although the upside appears limited, the momentum signals are still negative, Bitcoin support is at $27,000 while resistance holds at $33,000, which could keep the short-term buyers active in the market, Bitcoin could either break its support or break resistance in the coming days.
Cryptocurrencies have reached the bottom, is the reversal soon?
Some analysts are speculating that crypto markets have bottomed and a reversal is around the corner. Bitcoin’s dominance has peaked since October 2021, and it has emerged last week as the dominant crypto asset in a bear market. The recent increase in dominance is attributed to the collapse of the cryptocurrency Terra.
The positive statement by the Russian minister about the legalization of cryptocurrency as a payment option has sparked some optimism for global crypto markets as Russia has emerged as the biggest supporter of cryptocurrency in recent times, a company announced Microstrategy Also, it will stick to its bitcoin buying strategy despite the market turmoil.