Investing.com – After attempting to hold above $30,000 on Thursday and most of Friday, Bitcoin stalled last night, hitting a low of $28,713, and trading just above 29,000. $ this Saturday morning.
Bitcoin appears to have been affected by the volatility in the US markets, with the briefly falling into bear market territory, falling more than 20% from its January high, although it eventually ended the session at the end of the day. ‘balance. Despite everything, the S&P 500 posted its 7th consecutive week of decline this week.
However, now, more and more analysts expect the bottom of the market to be near, or exceeded, and therefore that the selling pressure on stocks will decrease, which could benefit cryptocurrencies in the short term. The has indeed shown a strong correlation with stock market indices since the beginning of the year.
From a graphical point of view, however, the profile of Bitcoin remains rather bearish. The hourly chart clearly shows a downward trend line since May 10. Additionally, Bitcoin’s inability to hold above $30,000 is in itself a negative signal.
However, it should be noted that Friday’s fall was stopped by the support of 28,600/700$, which therefore confirmed its importance. Below, the psychological threshold of $28,000 will be the next potential support, before the low of May 12 at $26,600.
Then, it will be difficult to find verified supports before the major psychological threshold of $20,000. On the upside, the psychological thresholds of $30,000 and $31,000 are the first resistances to take into account, but only a return above around $32,500 would allow us to begin to consider a lasting bullish reversal for Bitcoin.