Bitcoin Market Analysis: Bears Retain Dominance

Azeez Mustapha



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After yet another volatile weekend, Bitcoin (BTC) has jumped by about $3,000 from a seven-day low. Altcoins also posted a positive recovery today, following a $200 billion dip over the weekend. The total cryptocurrency market valuation bottomed at $1.4 trillion yesterday, from a high of $1.6 trillion.

The primary cryptocurrency has battled unsuccessfully with the $40k mark over the past few weeks. The most recent rejection from the $40k level sent Bitcoin on a -$5k decline.

That said, it has been rejection after rejection since this decline, with BTC bottoming out this week at $33,410. Nonetheless, bulls have fought tooth and nail to recover and keep the benchmark cryptocurrency afloat at the $35k level. At press time, Bitcoin trades at $35,800 as traders anticipate the next market move.

The enhanced volatility witnessed in the market recently was somewhat expected. Recent reports revealed that the amount of BTC stored on derivative exchanges has seen significant increases of late, peaking on May 19. Typically this metric is an indication of impending fluctuations and volatility.

Meanwhile, altcoins faced a similar predicament over the past few days as Ethereum, Binance Coin, Cardano, Dogecoin, Ripple, Polkadot, and Uniswap have all posted decent recoveries from yesterday’s crash.

Key Bitcoin Levels to Watch — May 30

Bitcoin currently trades within a descending channel, which highlights its consistent drop over the past three days. Following a sharp bounce from the lower end, the price of BTC is now in contention with the top end of the channel near the $36k mark.

BTCUSD – Hourly Chart

That said, the near-term BTC price action should determine what happens next. A break above the $36k mark could put the $37,500 level and higher into view for BTC bulls.

However, failure to clear this level could open the door to the $33k level once again.

Meanwhile, our resistance levels are at $36,000, $37,500, and $39,500, and our key support levels are at $35,000, $34,200, and $33,000.

Total Market Capitalization: $1.57 trillion

Bitcoin Market Capitalization: $678 billion

Bitcoin Dominance: 43.6%

Market Rank: #1


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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.

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