Bitcoin (BTC) has reached a new May high of $29,529 on Bitstamp and is eyeing a reclaim of further lost ground as the $30,000 mark remains in play. Despite experiencing a dip in response to the US equities market opening on May 4, BTC/USD quickly rebounded as $29,000 support returned. The ongoing US banking crisis, which has impacted several regional banks, has been causing market jitters and shaping observer sentiment. The Kobeissi Letter, a financial commentary resource, has expressed concern that the crisis could continue to ripple outward. Despite the Federal Reserve raising interest rates this week, market expectations have pivoted to predicting an end to the hiking cycle. BTC traders are optimistic about upside continuation, with some predicting a closer rematch with $30,000 and higher. Popular trader Alan, known as Trader Tardigrade, has stated that Bitcoin has entered the phase of “Storing of power,” which he believes is preparation for the incoming Bull Run. Fellow trader Ninja has advised bulls to hold above $28.9-$29k and to reclaim above $29.2k as quickly as possible.


Articles You May Like

Bitcoin Bulls May Face a Challenging July, Analysts Warn
SEC Requests Restraining Order Against Binance.US
The Huobi Exchange Plans to List PayPal’s Stablecoin PYUSD
Coinbase Establishes Global Advisory Council to Navigate Regulatory Landscape

Leave a Reply

Your email address will not be published. Required fields are marked *