Sunday, May 26, 2024

Market Watch May 23: Bitcoin jumps into a new week with a fresh start.

Bitcoin has once again started a new week with a fresh start at the $30,000 mark. But it’s to be seen whether it will be able to maintain an uptrend throughout the week or slip to the lows of $28,000. Data shows that the popular cryptocurrency formed a double bottom pattern near the $28,500 mark and climbed higher.

BTC is now trading at $30,112 and has been up by 2.44% in the last 24-hours. There is a key bullish trend line, as per data feed from Kraken, forming with support near the $29,800 level on the hourly chart. Bitcoin is likely to gain a bullish momentum if there is a clear move above $30,600.

However, the inflation, war, and shifting monetary policy in the United States will likely continue to push more volatility in the coming weeks and months. With LUNA crashing, rumor mills are rumbling that Bitcoin could follow the same fate with governments looking to ban the digital asset. The world’s most popular cryptocurrency has been fluctuating near the crucial $30,000 mark over the past week. The traditional financial markets and cryptocurrencies continue to struggle to regain upward momentum.

Analysts highlighted an immediate resistance near the $30,450 level and another major resistance at the $30,600 level. These two levels might see a strong rally in the near term. The key resistance lies near the $31,500 level. If Bitcoin manages to go past this, there is no stopping seeing it rise to $32,500. But if it fails to clear the resistance at $30,600, BTC could see a fresh decline.

Meanwhile, Ether is up by nearly 3% in the last 24-hours. It is trading at $2,028. Avalanche (AVAX) is the biggest gainer. The altcoin has gained nearly 6% in the last 24-hours and is trading at $31.26. TRON is up by 4.35%, Solana 4.13%, Polygon 3.12%, and Cardano 3.04%, as per data from CoinMarketCap.

There have been gains in the overall crypto market.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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