{"id":7610,"date":"2022-05-22T23:38:51","date_gmt":"2022-05-22T20:38:51","guid":{"rendered":"https:\/\/www.forexbrokers.ae\/?p=7610"},"modified":"2022-05-23T03:02:49","modified_gmt":"2022-05-23T00:02:49","slug":"%d8%a7%d9%84%d8%a8%d9%8a%d8%aa%d9%83%d9%88https-www-forexbrokers-ae-cryptocurrency-news-%d8%a7%d9%84%d8%a8%d9%8a%d8%aa%d9%83%d9%88%d9%8a%d9%86-%d8%b9%d9%86%d8%af-%d9%85%d8%b3%d8%aa%d9%88%d9%89-30000","status":"publish","type":"post","link":"https:\/\/www.forexbrokers.ae\/en\/market-analysis\/%d8%a7%d9%84%d8%a8%d9%8a%d8%aa%d9%83%d9%88https-www-forexbrokers-ae-cryptocurrency-news-%d8%a7%d9%84%d8%a8%d9%8a%d8%aa%d9%83%d9%88%d9%8a%d9%86-%d8%b9%d9%86%d8%af-%d9%85%d8%b3%d8%aa%d9%88%d9%89-30000\/","title":{"rendered":"Bitcoin Struggles to keep $30000 Level, Will It Succeed?"},"content":{"rendered":"

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.<\/p>\n\n\n\n

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%.<\/p>\n\n\n\n\n\n

Bitcoin trying to maintain the $30,000 level<\/strong><\/h2>\n\n\n\n
\"Bitcoin\"<\/a><\/figure><\/div>\n\n\n\n

Since the massacre of the week ending May 13th you have not been able to digital currency<\/a> 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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%.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Cryptocurrencies have reached the bottom, is the reversal soon?<\/strong><\/h2>\n\n\n\n

Some analysts are speculating that crypto markets have bottomed and a reversal is around the corner. Bitcoin\u2019s 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.<\/a><\/p>\n\n\n\n

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<\/a> Also, it will stick to its bitcoin buying strategy despite the market turmoil.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin manages to stabilize at $30000 despite the collapse of the global crypto market last week and many cryptocurrencies hitting new lows<\/p>","protected":false},"author":2,"featured_media":6033,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_uag_custom_page_level_css":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[372],"tags":[133,134],"class_list":["post-7610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-133","tag-134"],"acf":[],"modified_by":"Ahmed 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