Markets
Cryptocurrency price on May 20: Bitcoin is traded close to US$67,000; Avalanche, Shiba Inu fall more than 4%
Top Cryptocurrencies Suffered a Slowdown on Monday negotiation session as investors became risk averse amid the current global environment.
The global cryptocurrency market value fell 1% to approximately $2.41 trillion in the last 24 hours.
From 10:06 am, Bitcoin was trading 0.15% lower at $66,931, while Ethereum experienced a 0.3% decline to $2,935. Additionally, altcoins like XRP (-1.7%), Dogecoin (-2.8%), Cardano (-2.2%), Avalanche (-4.3)%), Shiba Inu (4.24%), Polkadot (2%) and NEAR Polkadot (2.1%) followed suit in the downward trend.
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“Bitcoin traded at the $67,000 level over the weekend, with a rise in Bitcoin one-off ETF inflows. Additionally, the House bill moving towards a final vote has increased positive sentiment,” said Edul Patel, CEO of Mudrex.The next resistance is set at the $67,500 level and the support is at the $65,500 level, he said. Rajagopal Menon, Vice President, in WazirXsaid: “Bitcoin moving averages indicate ‘buy’ sentiment as well as challenging previous price levels. However, as May progresses, price movement hardens due to post-halving price consolidation , as well as mid-year sentiment changes. If Bitcoin fails to sustain the $66K level, it could fall to the $65.1K or $64.5K levels. CoinMarketCap.In the last 24 hours, the market value of Bitcoin, the world’s largest cryptocurrency, rose to US$1.213 trillion. Bitcoin’s dominance is currently 54.49%, according to CoinMarketCap. BTC volume in the last 24 hours increased by 21% to $28.9 billion.
Technical preview by ZebPay Trade Desk
BTC is up over 8% this week, indicating that lower levels continue to attract buyers. Typically, in a range-bound market, traders buy listening for support and sell near resistance. This suggests the price could rise to the top of the range at $73,777. However, getting past this level can be a challenge. Analysts are currently divided on Bitcoin’s next directional move. Some believe that the correction is over and that Bitcoin is about to reach a new all-time high. On the other hand, others anticipate that Bitcoin could fall to retest the $60,000 support level, potentially falling. This divergence of opinions highlights the uncertainty and mixed sentiment in the market, making the next few trading sessions crucial in determining Bitcoin’s trajectory.
Bitcoin witnessed a sharp correction after reaching a new all-time high of $73,777 and prices fell by almost 23.35% and fell to $56,552. Although the asset broke the psychological $60K level, it did not close weekly below $60,000 as it took support at the key $56,000 level and rose to $67,700. On the daily time frame, BTC is consolidating and trading between $67,500 and $60,000. The asset has strong resistance at $67,500 and $73,777, while $60,000 and $56,000 will be strong support for the asset.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)