BTC Price Recovers but under Pressure above $28K
Bitcoin’s Uptrend Is Being Restricted as It Came under Pressure above $28K – May 26, 2022
BTC/USD has continued its range bound move as it came under pressure above $28K . The 21-day line moving average is above the candlesticks which continue to act as resistance to the price bars. The small body candlesticks have continued to dominate the price action.
Bitcoin price now – $29,828.11Bitcoin market cap – $567,430,292,105Bitcoin circulating supply – 19,049,581.00 BTCBitcoin total supply – $625,606,570,207Bitcoin Coinmarketcap ranking – # 1
Resistance Levels: $50,000, $55,000, $60,000 Support Levels: $40,000, $35,000, $30,000
The 21-day line moving average is sloping close to the price bars. The moving average is acting as resistance to the price bars. BTC price will face rejection if it retests the moving average. The implication is that further upward movement of prices is being restricted below the 21-day line moving average. The bears have intensified their efforts to break below the $28,000 support as bulls continue to defend the current support. On May 18 and 23, the bears attempted to break below the $28,000 support but the bulls bought the dips. On the downside, if the bears break below the $28,000 support, Bitcoin will fall and revisit the previous low of May 12. That is the low of $25,401.
JP Morgan Affirms Bitcoin a Preferred Alternative Asset, Places BTC Fair Price at $38K
JP Morgan indicates that Terra’s collapse did not seem to affect the venture capital market. The banking giant has placed Bitcoin’s (BTC) fair price at $38,000. This is 28% higher than its current market value of around $29,500. According to the bank: “The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for Bitcoin and crypto markets more generally”.
The bank strategist Nikolaos Panigirtzoglou was the lead author of that document. The document continues to read: “Thus far, there is little evidence of VC [venture capital] funding drying up post-Terra’s collapse. Of the $25 billion VC funding year-to-date, almost $4 billion came after Terra. Our best guess is the VC funding will continue and a long winter similar to 2018/2019 would be averted.”Meanwhile, JPMorgan CEO Jamie Dimon has expressed his antipathy toward cryptocurrency. Though, Dimon has praised crypto for its cross-border payment facility.
Meanwhile, Bitcoin has recovered above the $28,000 support as it came under pressure above $28K. Bitcoin will continue its range-bound move but will face rejection at the 21-day line moving average. Meanwhile, on May 12 downtrend; a retraced candlestick body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will further decline to 1.272 Fibonacci extension or $21,437.4.
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