Bitcoin (BTC) Price Analysis: Market Bleeds as Bears Press On

Azeez Mustapha



Select a Plan


 1-month subscription



 3-month subscription



 6-month subscription



 lifetime subscription



 Separate Swing Trading Group



Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored


Service for copy trading. Our Algo automatically opens and closes trades.


The L2T Algo provides highly profitable signals with minimal risk.


24/7 cryptocurrency trading. While you sleep, we trade.


10 minute setup with substantial advantages. The manual is provided with the purchase.


79% Success rate. Our outcomes will excite you.


Up to 70 trades per month. There are more than 5 pairs available.


Monthly subscriptions begin at £58.

Bitcoin (BTC) resumed its bearish spiral earlier today, as the benchmark cryptocurrency looks to retest this week’s low at $30k, according to Bitstamp.

Bybt revealed that the crypto market recorded liquidations of over $1.2 billion over the past 12 hours. At press time, BTC is down by -13%.

Meanwhile, the total cryptocurrency market cap fell from $1.6 trillion to a daily low of $1.23 trillion, a whopping $400 billion decline.

The cryptocurrency fear & greed index is at record lows as retail traders panic sell their holdings, further pushing the market lower. That said, the #cryptocurrency has become one of the top trending tags on Twitter globally.

Compared to the altcoin sector, Bitcoin trades a bit firmly as it reclaims chunks of market dominance. Some lower-cap altcoins are down today by over 90%, making Bitcoin’s -18% (at daily low) plunge oddly impressive.

News about China’s reiteration of a ban on Bitcoin and other cryptocurrencies rocked the market this week and triggered the ongoing sell-off.

Additionally, the current market volatility has affected even some stablecoins, fabled for their stability. USDT, a Terra-backed cryptocurrency, broke its peg earlier today, dropping to the $0.95 mark.

However, as the markets continue to crash, reports show that a significant increase in long positions is getting recorded on futures exchanges, especially BitMEX and Binance.

Key Bitcoin (BTC) Levels to Watch — May 23

Bitcoin remains on a bearish course towards $30k, despite being heavily oversold. At press time, the primary cryptocurrency trades between $33k and $32k as bears show no signs of a slowdown.

BTCUSD – Hourly Chart

While the likelihood of BTC hitting $30k over the coming hours is high, we could see a sharp reversal from its current level higher. However, the primary cryptocurrency needs to post a clean break above the 50 SMA around $36.5k to regain any inkling of bullish traction.

Meanwhile, our resistance levels are at $33,000, $34,200, and $36,000, and our key support levels are at $32,000, $31,000, and $30,000.

Total Market Capitalization: $1.31 trillion

Bitcoin Market Capitalization: $612 billion

Bitcoin Dominance: 46.7%

Market Rank: #1


You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *