Bitcoin (bitcoin) continued higher on May 30, as gains at the start of the week kept BTC/USD at $30,500.
$32,000, $35,000 is marked as a line in the sand
Its best performance since May 16, the return to relative strength was welcomed by analysts, some of whom began discussing the possibility of a range breakout.
“Finally, Bitcoin is going up,” Cointelegraph contributor Michaël van de Poppe Tell Twitter followers.
“There’s more consolidation here and we’re poised for a further upside break with $32,800 and $35,000 as resistance. The moment the market hits $35,000, I expect everyone to turn bullish.”
Trader and analyst Rekt Capital agrees that at least $32,000 is needed to break out and hold to change the trend.
#BTC It is bouncing off the bottom of the macro range low after holding it as support over the past few weeks
That said USD Bitcoin Need to break the orange resistance around $32K for a rally to around $35K
— Rekt Capital (@rektcapital) May 30, 2022
Meanwhile, the downside is that van der Pope highlight The area around the May 29 weekly close is currently holding as key support.
The weekly close remains disappointing, marking the ninth consecutive red candle for BTC/USD.
Taking a conservative view, trading account TXMC Trades was unsure whether Bitcoin could break out of the range when U.S. markets were closed for the Memorial Day holiday.
Although the pump is fast, it’s still only a range limit. Resistance LTF double top.will #BTC Breakout of a clear consolidation in the U.S. market holiday without a catalyst? My base case is no, but I’ve been wrong before. pic.twitter.com/0gjs6GXizc
— TXMC (@TXMCtrades) May 30, 2022
Stocks don’t have a bright future
Ahead of the market’s return on May 31, there are equally doubts about the real dynamics behind its newfound power, which became apparent last week.
Bitcoin was initially slow to respond, but its copycat behavior reinforced the idea that higher levels of risk assets could ultimately prove to be false.
Commenting on the fortunes of the S&P 500, trader and analyst Pentoshi admitted that he doesn’t see more upside ahead.
“I think the SPX’s upside in the red box is close to the ceiling after we’ve had nice weekly swing lows,” he said. Say Next to it is a graph showing the target.
“Very hesitant to think this can sustain momentum (just give the Fed more reason to tighten).”
The U.S. dollar index (DXY) retreated again, falling below 101.5 for the first time since late April.
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.