As the month of May comes to an end, Bitcoin is testing the warm waters of $30,000. The crypto market is lighted in green but data flags the largest cryptocurrency as heading for its ninth consecutive week of the downturn. This is the most in history. BTC’s weekly chart closes provided the backdrop to a weakness that continued to dismay analysts over the weekend.
Bitcoin stepped into a new week at $30,293. It gained nearly 5% in the last 24-hours, as per data from CoinMarketCap. Ethereum is yet to touch the $2,000 mark. It is up nearly 6% and is changing hands at $1,877. Stops have been detected for Bitcoin below many downside price objectives amid the ongoing weakness at $30,435, $29,645, $28,927, and $28,426. Downside price objectives related to selling pressure intensified around $47,469, $47,200, and $48,240. Traders expect additional downside price objectives around $25,142, $24,365 and $21,074.
QCP Capital, a trading firm, told its subscribers in its latest markets newsletter, that the divergence between Equities and Crypto has been the most concerning. S&P and NASDAQ traded around 10% higher since May 20 lows. The top two cryptocurrencies, Bitcoin and Ether, traded lower in the same period. QCP Capital highlighted that this is not the direction of decoupling it was hoping for. The firm reiterated existing sentiment over BTC’s underperformance compared to its previously highly-correlated equities.
Meanwhile, El Salvador has once again taken advantage of the low price to purchase more Bitcoin. President Nayib Bukele added 500 additional units of the popular crypto to the country’s balance sheet. The Bitcoin lover made it known to everyone how much he loves and admires the digital asset.