Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	368,972,589,388	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

368,972,589,388

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	9.51	0.31%	3,071.75	3,071.74	3,071.75

Price Change

Price Change %

Current Price

Bid Price

Offer

9.51

0.31%

3,071.75

3,071.74

3,071.75

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,129.90	3,022.00	3,067.30	3,062.24	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,129.90

3,022.00

3,067.30

3,062.24

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GEMN	14:30:25	0.007615	3,071.86	USD

Exchange

Last Trade

Size

Trade Price

Currency

GEMN

14:30:25

0.007615

3,071.86

USD

Price x Volume	Volume	Base Symbol	Related Pairs
113,454,575.25	36,834.36	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

113,454,575.25

36,834.36

Bitcoin Consolidation Uninspiring, But Run To Near $33k On The Cards

25/05/2022 11:09pm

NEWSBTC

The spring is being compressed further as Bitcoin swings continue to diminish. Since the commencement of active trading in New York, the lower bound of the trading range has shifted to $29K, where the BTCUSD has found support. The top bound of the constructed triangle has advanced to $30.5K, up 1.8 percent from current prices of $30K in the last 24 hours. Bitcoin Consolidation Uninspiring As range adherence continued, Bitcoin (BTC) momentarily returned to $30,000 before the May 25 Wall Street open. While it may appear dull at first glance, Michal van de Poppe saw Bitcoin on short periods as a source of renewed interest, predicting a run to near $33,000 next. He told his Twitter followers: “Bitcoin broke through $29.4K and ran towards the next resistance zone, if we hold $29.4K, we’ll be good towards $32.8K. Finally.” The price of Bitcoin is consolidating, which is equally perilous for bulls and bears. Both gain liquidity and become accustomed to existing prices over time. On a market-cycle level, there’s a good likelihood that the present consolidation will end with a collapse of the lower boundary and the liquidation of stop orders, confirming the initial downside momentum. Related reading | Investors May Expect Downside For Bitcoin And Ethereum Market For The Next 3 Months The bearish prognosis is fueled by monetary policy tightening and declining economic development, which causes retail investors to withdraw funds from bitcoin in favor of spending. It doesn’t help that people’s hopes of getting rich quick with cryptocurrencies aren’t coming true, as bitcoin is now valued the same as it was in early 2021. BTC/USD trades below $30k. Source: TradingView Investing in the business is becoming more sophisticated, moving beyond naive buy-and-hold strategies. Investors are pulling money out of bitcoin and putting it into blockchains that enable smart contracts, such as Cardano and Polkadot, according to CoinShares. Last week, crypto funds lost $141 million in net capital outflows. The ECB warned that the high correlation between cryptocurrencies and stock markets is common during times of economic hardship, and that digital assets will no longer be allowed to diversify investment portfolios. Related reading | Institutional Investors Seek Safe Haven In Crypto Products Amid Market Uncertainty Featured image from iStockPhoto, Charts from TradingView.com

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