The cryptocurrency and Bitcoin markets turned up the positive on Monday. They are trying to get out of their current slump. Market capitalization rose 1.5% to $1.37 Trillion. Bitcoin, which is the most popular cryptocurrency, reached $30.554, an increase of 1.2%.
Bitcoin Prices Gains
The Bitcoin price’s downhill movement is becoming increasingly apparent. It is possible to rally to $33,700
The Bitcoin Price Fear and Greed indicator was at its highest fear level for nearly two weeks. This Index is a positive contrarian indicator that allows smart money to place large orders because more people are afraid to invest at the current BTC price.
The 6-hour chart shows that what was once considered a confused sideways market has now become a bullish pattern. This indicates smart money involvement.
Bitcoin’s price is making a triangle. A wave B pattern is logical from an Elliott wave viewpoint. The sideways activity for so long justifies the wave. The countertrend rallies have been disproportionately long since May 13th, when the price was around $31,200. A second rise in countertrend profits with targets at $33,700 and 34,000 is possible if the technicals remain intact. This will likely occur prior to significant bearish resistance returning.
A breach below wave A, $28,630 would invalidate the bullish thesis. If bears break this barrier successfully, then the next target could be $23,500. That would represent a 20% decline in the BTC price.
The United States’ macroeconomic conditions aided the rise of crypto markets on May 23. Investor confidence was raised when President Joe Biden stated that he would reduce tariffs on trade with China.
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Miners’ Stocks Up And Down
Bitcoin’s network difficulty is expected to decrease by 3.3 percent during its next automated readjustment this week, according to the latest projections. The drop will be the biggest since July 2021, and it’s apparent that Bitcoin’s slump has put miners’ profits in jeopardy.
Despite the fact that their wallets’ moves to exchanges touched a 30-day low on May 23, according to on-chain monitoring platform Glassnode, miners are not displaying indications of capitulation.
The bitcoin miners stocks went up and down at the beginning of each trading week.
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Featured image by Unsplash. Chart from TradingView.com