Bitcoin Turns Bearish, Risk of Drop Below $29K

Bitcoin failed to continue higher above $31,750 against the US Dollar. BTC declined sharply and traded below the $30,000 support zone. Bitcoin started a fresh decline from the $31,750 region. The price is now trading below the $30,000 level and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $30,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move down towards $28,500 or even $28,000. Bitcoin Price Dives 6% Bitcoin price…

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Bitcoin price risks $29K ‘nosedive’ as Wall Street opens with fresh losses

Bitcoin (BTC) lost bullish momentum at the June 1 Wall Street open as United States equities faced another day of retracement. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Zooming out, “nothing” has changed Data from Cointelegraph Markets Pro and TradingView captured a sharp U-turn for BTC/USD at the start of trading, $1,600 in three hours. At the time of writing, the pair traded at around $30,400, giving back the past days’ gains. For Cointelegraph contributor Michaël van de Poppe, $29,000 was now on the radar after support levels refused to cushion…

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Bitcoin price stuck below $29K as Terra LUNA comes back from the dead

Bitcoin (BTC) analysts faced another day of frustration on May 28 as BTC/USD refused to offer volatility up or down. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView “Not the decoupling we wanted” Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency sticking in a narrow short-term range into the weekend. Previously forecast support levels to avoid a deeper correction managed to hold in the May 27 Wall Street trading session, but a bounce higher was similarly absent as commentators looked for fresh cues. “Short resistance and long support until…

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Bitcoin price returns to weekly lows under $29K as Nasdaq leads fresh US stocks dive

Bitcoin (BTC) fell on the May 24 Wall Street open as weakness in stocks saw sell-side pressure return. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Equities give crypto no respite Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it revisited its lowest levels of the past seven days. At the time of writing, BTC/USD traded at around $28,800 amid volatility, having hit $28,614 on Bitstamp — a zone last seen on May 18. The S&P 500 lost 2.4% on the open, while the Nasdaq 100 managed a 3.5% decline.…

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Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry

Over the past nine days, Bitcoin’s (BTC) daily closing price fluctuated in a tight range between $28,700 and $31,300. The May 12 collapse of TerraUSD (UST), previously the third-largest stablecoin by market cap, negatively impacted investor confidence and the path for Bitcoin’ price recovery seems clouded after the Nasdaq Composite Stock Market Index plunged 4.7% on May 18. Disappointing quarterly results from top United States retailers are amping up recession fears and on May 18, Target (TG) shares dropped 25%, while Walmart (WMT) stock plunged 17% in two days. The…

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Bitcoin trades in $29K ‘no man’s land’ as Tesla ESG fallout routs stocks

Bitcoin (BTC) stayed $1,000 lower on May 19 after a grim trading session on Wall Street the day before put pay to further upside. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Musk blasts ESG “scam” after S&P 500 exit Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $29,000 at the time of writing, having bounced at $28,600 on Bitstamp. The pair had declined in step with United States equities, with the S&P 500 particularly in focus as it set its largest intraday decline since June 2020. Drama over Tesla,…

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Bitcoin price drops under $29K as Walmart, Target stock lose most since 1987

Bitcoin (BTC) headed toward an “interesting” liquidity area on May 18 as United States stock markets opened with a bearish bang. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price nears “interesting” rematch with lows Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it broke through the $29,000 support after the Wall Street open. U.S. markets saw a swift reversal of prior gains on the day, with the S&P 500 down 2% and the Nasdaq 100 down 2.3% within the first hour of trading. The big surprise, however, came…

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Why Bitcoin Still At Risk of A Fresh Decline Below $29K

Bitcoin attempted a recovery wave above the $30,000 resistance against the US Dollar. BTC is struggling near $31,000 and might start a fresh decline. Bitcoin recovered above the $30,000 level but struggled above $31,000. The price is now well above the $30,000 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $30,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline if it clears the $30,000 support zone Bitcoin Price…

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Bitcoin fights to hold $29K as fear of regulation and Terra’s UST implosion hit crypto hard

Bitcoin (BTC) price initially bounced from its recent low at $29,000 but the overall market sentiment after a 25% price drop in five days is still largely negative. Currently, the crypto “Fear and Greed Index,” which uses volatility, volume, social metrics, Bitcoin dominance and Google trends data, has plunged to its lowest level since March 2020 and at the moment, there appears to be little protecting the market against further downside. Crypto “Fear and Greed index”. Source: Alternative.me Regulation continues to weigh down the markets Regulation is still the main…

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Bitcoin price target now $29K, trader warns after Terra weathers $285M ‘FUD’ attack

Bitcoin (BTC) prepared for a rare bear feature to return on May 8 after an overnight sell-off took the market ever closer to January lows. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC circles $34,400 lows Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping to $34,200 on Bitstamp, recovering to trade around $500 higher at the time of writing. The pair had seen brief support around the $36,000 mark, but this gave way as thin weekend liquidity added to the volatility Bitcoin liquidations themselves were limited, however, as market…

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