Bitcoin Price Analysis — May 17
Bitcoin continues to hold along the $30,000 psychological mark despite attempts by bears to send prices lower. This is a good sign for bulls as it suggests that the market could record a bullish wave that would send it to the $33,000 level in the near term. A move in this direction should rescue BTC and the broader market from the brewing crypto winter.
However, the possibility of rejection from the $31,000 pivot bottom still exists and could refresh a slump to the $28,000 support area. With the market shifting focus from the LUNA situation, a crypto recovery could erupt soon. However, with the increasingly aggressive central bank outlooks, riskier assets could continue to stumble into Q3.
Meanwhile, my resistance levels are at $31,000, $32,000, and $33,000, and my key support levels are at $29,000, $28,000, and $27,000.
Total Market Capitalization: $1.30 trillion
Bitcoin Market Capitalization: $577.3 billion
Bitcoin Dominance: 44.2%
Market Rank: #1
However, the possibility of rejection from the $31,000 pivot bottom still exists and could refresh a slump to the $28,000 support area. With the market shifting focus from the LUNA situation, a crypto recovery could erupt soon. However, with the increasingly aggressive central bank outlooks, riskier assets could continue to stumble into Q3.
Meanwhile, my resistance levels are at $31,000, $32,000, and $33,000, and my key support levels are at $29,000, $28,000, and $27,000.
Total Market Capitalization: $1.30 trillion
Bitcoin Market Capitalization: $577.3 billion
Bitcoin Dominance: 44.2%
Market Rank: #1
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