Price Analysis

Attention Traders This Is When Bitcoin Will Ignite A Bullish Legup To $34,000!

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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May 10, 2022

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The cryptosphere has been on a rollercoaster ride over the past two days. Which has dragged the market capitalization of the broader industry to press time levels of $1.43 T. The numbers have taken a dip of 3.12% over the day. The brunt is faced by industry leaders namely Bitcoin and Ethereum. Wherefore, the fear and greed index has needled down to extreme fear at a score of “10”

After breaching its multi-month low over the past 24-hours, the star crypto BTC’s price has climbed back to safer levels. Bringing a short-term relief to marketers from the space. The RSI taking a u-turn has been fueling hope of an uptrend. Whilst the fear of sub $30,000 levels continues to haunt the business. 

Are These Levels Of BTC To Keep A Watch On?

  BTC price at the time of publication is changing hands at $31,021.92, with losses tallying at 4.82%. While the market capitalization is hovering around $590,535,350,708. The volume of trades around the clock is up 67.69% at $81,734,089,619. The star crypto has ranged between $29,944.8 and $32,656.91 in the 24-hour bandwidth. 

Things in the lower time frame have been severely turbulent for the price of Bitcoin. Which has slashed the trading value by 22% in less than a week’s time. While the kingpin had broken out of its major support at $30,000 levels. Bulls have managed to push the price back above the crucial support. This has helped the RSI rise back from 25.54 to its current levels of 28.43.

The move has instilled faith in the community, who are hoping for a break out above the 50D EMA. Where the target of $32,488 resides, an ascend above which might bring back the bulls. Who could help BTC climb up to the crucial levels of $34,492. However, the downside risk continues to haunt the digital coin, which might slump the price to $29,815.   

Summing up, as aforesaid, the spike above the $32,488 mark would validate the run of the bulls. Until which the bears would continue to hold dominance over the bulls. That said since Bitcoin is still in the oversold regions, it still is at a good bargain.  

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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