Bitcoin is bullish as it attempts to cross the $30,000 threshold with major resistance at the $31,500 mark. Over the past seven days, BTC has been rejected at $30,000 and remains stuck. Last weekend, the popular crypto was somewhat calm and stood just under the line.
The month of May has been full of challenges for the crypto market. The outlook for Bitcoin has been a bearish one, risk assets in general rolling downhill. Cryptocurrencies continue to have plummeted. Analysts expect hard selling to turn into a drift lower as residual selling and a lack of buying interest see prices deflate at a persistent rate. More downside is expected as the crypto markets struggle to get hold of themselves.
At the time of writing this article, Bitcoin was trading at $30,081 after gaining 2.44% in the last 24-hours. Ethereum, riding on the back of its popular counterpart, is trading at $2,003. However, the altcoins are giving mixed reactions as the majority opted to stay in the red. TRON (TRX) is the biggest gainer. It’s up by 5.32%. Wrapped Bitcoin gained 2.33%, Polkadot 1.94%, and Cardano 0.61%. Lesser-known altcoins like Cronos, Litecoin, and Polygon, as well as UNUS SED LEO remain in the green; by nearly 3% in the last 24-hours. The meme coins Dogecoin and Shiba Inu remain in the red.
Bitcoin remains in the $28,786 – $30,259 range. This shows a moderate amount of volatility over the last 24-hours. Trading volume increased by 14.19%. Bitcoin remains the dominant cryptocurrency.