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

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

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

 

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Author : Azeez Mustapha

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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.