The long-awaited $32,000 – Bitcoin (BTC) returns below the $30,000 mark. Traders keep their eyes on key supports, the target closing levels that would be essential for a true bullish rally.
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Bitcoin Below $30,000: The Tipping Points
Bitcoin price rises above $30,700 again on Bitfinex today, May 18, 2022. It subsequently loses $30,000, and even briefly drops below $29,000. Bitcoin trades at $29,242 at the time of writing this article. It is currently recording a daily loss of 2.85%.
In view of these drops below $30,000, trader Michaël van de Poppe insists on the importance of the $28,400 support. The latter must hold before considering increases to “32.8K$ or potentially 34K$” for bitcoin.
The cut comes 24 hours after US Federal Reserve Chairman Jerome Powell said the institution wanted to raise interest rates as much as necessary to see a “clear and clear decline in inflation”. convincing”.
On a daily basis, bitcoin continues to swing back and forth across $30,000. On a longer timescale, the trader Rekt Capital is primarily interested in the $29,000 line for the weekly close.
Rekt Capital recalls that bitcoin “bounced back from this price of ~$29K” in early and mid-2021. The rebound was followed by a weekly close above $32,000.
The opposite scenario, however, has recently occurred. Bitcoin recently closed “below $32K and is now testing $29K”. Will a successful test take bitcoin back to $32,000?
Also on a weekly basis, trader Rekt Capital showed in a chart that bitcoin continues to trade below the 50-week exponential moving average. The price of the cryptocurrency has fallen below the 200-week exponential moving average, during the previous period. It holds up this week above this average.
Bitcoin would tend “to confirm times of maximum financial opportunity when it hits and/or breaks” this average. A fall under the latter was followed in the past by a bullish recovery – see in the graph above, the fluctuations of the price of bitcoin after a fall below the black line.
Should markets still consider that now is the best time to buy bitcoin, or should we increasingly consider the possibility of a drop to $20,000 under the sea?
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