Bitcoin’s pump or the start of a rise? America’s opening will show us

Bitcoin rose 3.1%
over the past week, finishing near $30,000. Ethereum added 0.9%, while other
leading altcoins in the top 10 showed mixed dynamics, ranging from a 10.7%
decline (Solana) to a 23.2% rise (Cardano).


The new week is off
to a promising start. BTCUSD has added 4.6% in the last 24 hours, more than 4%
since the start of the day and is again testing the $31.0K mark. Cryptocurrency
investors were not spooked by Friday’s market decline, as key stock indices
were above the recent local lows and had been adding in recent hours.


The total
capitalisation of the crypto market, according to CoinMarketCap, rose 3.8% in
24 hours to $1.28 trillion, with the Bitcoin Dominance Index adding 0.2% over
the same period to Friday’s 46.5%. By Monday, the cryptocurrency fear and greed
index rose from 10 to 13 points. For about a month now, this indicator has been
steadily below 20 – in a state of extreme fear. While at current levels, BTCUSD
remains below the consolidation area at the lows of the middle of last year. It
is worth paying attention to the change in the trend seen in the weekly
candlesticks. Last week’s lows and highs were higher than the week before. The
intraday charts show that the price is being pushed up in the absence of
investors in the USA.


However, one must
make sure that this demand is global. Retail investors may try to promote the
start of the rise by feeding them an abundant supply. BTC was climbing to
three-week highs but lost almost all its gains by the end of the week. The
first cryptocurrency has been trading in a sideways range around the $30,000
level for more than three weeks. The bearish trend in the market has caused
long-term investors to capitulate. This factor signals that the price has
reached a multi-year bottom, according to CryptoQuant. Reserve Bank of India
Deputy Governor T. Rabi Sankar believes central banks‘ digital currencies could
completely displace private virtual currencies, including bitcoin.


May proved to be a
bad month for BTC and ETH miners. Bitcoin miners‘ earnings fell 21.9% for the
month, while miners of the second cryptocurrency fell 24.1%. The market will
draw its attention to The annual Consensus 2022 this week. This year’s Crypto
Industry Excellence Expo will be hosted in Austin, Texas, in June 9-12.


This article was written by FxPro’s Senior Market Analyst Alex

Go to Forexlive

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