empty
17.05.2023 11:28 AM
Bitcoin moves to retest $26.6k amid falling trading activity

By the middle of May, we can confidently say that the phrase "sell in May and go away" has fully justified itself. Throughout the month, we've been observing a downward corrective movement of BTC, and during pauses, consolidation and local price pullbacks of the cryptocurrency.

This image is no longer relevant

We've seen a clear withdrawal of liquidity below the $26.6k level, which was mentioned earlier. We've also witnessed the price return above the $26.6k support zone, which is a bullish signal. However, a combination of fundamental and technical factors suggest that the structure of the upward trend could be disrupted soon.

Fundamental Factors

Another series of the saga with the global economy's recession has come to its conclusion. According to a BofA survey, market players anticipate a soft landing of the global economy in the next 12 months. The majority of respondents believe that a recession in the U.S. can be avoided, which was a positive signal for investors.

This image is no longer relevant

Meanwhile, pessimistic sentiments continue to dominate within the crypto market, accompanied by a gradual decrease in trading activity. It is reported that May 2023 may become the worst month in terms of trading volumes on centralized exchanges since October 2020.

This image is no longer relevant

The average commission sizes in the Bitcoin network have also returned to optimal values. On one hand, this confirms the low trading activity and interest in the cryptocurrency. On the other hand, it will allow reducing the cost of mining BTC, leading to more active actions from miners.

This image is no longer relevant

Trading volumes and network activity in the Bitcoin market have also dropped to yearly lows. All these facts indicate a significant decrease in investment activity and bearish sentiment regarding Bitcoin. However, in the near future, several events might occur that could change the balance of power in the crypto market.

A Volatile End to the Week

Tomorrow, global markets are expecting important economic statistics on the U.S. labor market. Recently, employment in the United States has begun to decline due to a worsening liquidity situation. If the number of unemployed continues to grow, it's quite possible that the Federal Reserve will adjust its policy, and we might expect a rate cut as early as this summer.

This image is no longer relevant

We will learn about these and other plans of the Federal Reserve on Friday, when officials will share their thoughts on the current economic situation. First and foremost, the markets will be awaiting the department's further plans regarding the key rate. These events will trigger a volatility spike and may provoke sharp price movements in BTC.

BTC/USD Analysis

Meanwhile, Bitcoin has definitively completed the process of withdrawing liquidity below $26.6k. The asset made a sharp leap below $26k and swept all the supply in one go, after which it rebounded. Currently, there is a consolidation phase happening under the influence of bears, which is causing a price decline.

This image is no longer relevant

Bulls are not allowed above $27.8k, while sellers continue their attempts to break the $26.6k level, which, at this stage, acts as a key support zone. As of May 17, the situation is under control, but there is a possibility of a bearish breakthrough at the $26.6k level. This event could significantly strengthen the bears' position and lead to further decline.

This image is no longer relevant

With further decline, the structure of the upward trend is threatened, which originates near the $24.6k–$25k area. As of 08:00 UTC, technical metrics are flat, which is typical for periods of low trading and network activity. Therefore, the $26.6k support level is still standing, but the situation can change.

Conclusions

The main task for buyers this week will be to hold the $26.6k level. The level has held despite the pressure from sellers, but volatility spikes in the next few days could change the situation. Considering this, the $26.6k level is crucial for determining the future prospects of Bitcoin.

Pilih carta masa
5
min
15
min
30
min
1
jam
4
jam
1
hari
1
minggu
Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
Muat turun MetaTrader 4 dan buka dagangan pertama anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    SERTAI PERADUAN

Artikel yang dicadangkan

Cadangan Dagangan untuk Pasaran Kripto pada 25 Mac

Bitcoin dan Ethereum telah mencapai tahap yang penting tetapi gagal mengekalkannya. Bitcoin naik ke $88,600 sebelum mengalami penarikan semula dan kini didagangkan sekitar $86,600. Ethereum juga mengalami pembetulan selepas satu

Miroslaw Bawulski 08:26 2025-03-25 UTC+2

Analisis Gelombang BTC/USD pada 24 Mac: Bitcoin Meneruskan Fasa Pembetulannya

Pasangan BTC/USD berjaya menghentikan penurunan terkininya. Corak gelombang semasa kini menunjukkan potensi kenaikan jangka pendek bagi mata wang kripto terkemuka dunia. Struktur gelombang memberi isyarat fasa pembetulan Analisis gelombang

Chin Zhao 10:01 2025-03-24 UTC+2

Cadangan Dagangan untuk Pasaran Matawang Kripto pada 24 Mac

Bitcoin dan Ethereum mencatatkan peningkatan ketara hari ini selepas hujung minggu yang agak perlahan, menandakan selera risiko pelabur yang semakin meningkat walaupun dalam keadaan pasaran yang tidak menentu. Data terkini

Miroslaw Bawulski 08:54 2025-03-24 UTC+2

Analisis Teknikal Pergerakan Harga Harian Mata Wang Kripto Bitcoin, Jumaat 21 Mac 2025.

Dengan kemunculan Perbezaan antara pergerakan harga Bitcoin dengan penunjuk Stochastic Oscillator dan corak Bullish 123 diikuti oleh Bullish Ross Hook (RH)), dalam masa terdekat Bitcoin berpotensi untuk menguji tahap 86611.34

Arief Makmur 06:18 2025-03-21 UTC+2

Analisis Teknikal Pergerakan Harga Intraday Matawang Kripto Ripple, Jumaat 21 Mac 2025.

Jika kita melihat carta 4 jam bagi mata wang kripto Ripple, kelihatan terdapat Perbezaan antara pergerakan harga Ripple dan penunjuk Pengayun Stochastic serta kemunculan corak 123 Menaik yang diikuti oleh

Arief Makmur 06:18 2025-03-21 UTC+2

Bitcoin mensasarkan untuk mencecah $90,000

Susulan mesyuarat Rizab Persekutuan semalam, di mana bank pusat kehabisan hujah kukuh untuk mengekalkan kadar faedah pada paras tinggi, Bitcoin dan Ethereum telah menyambung semula pergerakan menaik mereka. Walaupun

Jakub Novak 09:32 2025-03-20 UTC+2

Cadangan Dagangan untuk Pasaran Kriptowang pada 20 Mac

Bitcoin dan Ethereum telah mengalami peningkatan selepas mesyuarat Rizab Persekutuan semalam, yang menunjukkan bahawa kadar faedah mungkin perlu diturunkan. Tidak kira berapa lama Fed berhasrat untuk mengekalkan dasar monetari yang

Miroslaw Bawulski 08:22 2025-03-20 UTC+2

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 19 Mac

Bitcoin dan Ethereum menghadapi cabaran sekali lagi selepas penjualan baru-baru ini di pasaran saham AS, tetapi pembeli dan pemain utama sekali lagi menunjukkan kekuatan mereka dengan membeli semua pergerakan penurunan

Miroslaw Bawulski 09:01 2025-03-19 UTC+2

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 18 Mac

Pembeli Bitcoin dan Ethereum berusaha untuk mencapai pertumbuhan yang lebih ketara, dan seketika, pasaran yang menaik mungkin mendapat harapan untuk kembali. Walau bagaimanapun, mereka tidak dapat mempertahankan paras tertinggi yang

Miroslaw Bawulski 08:00 2025-03-18 UTC+2

Bitcoin dan Ethereum Bergelut untuk Bertahan

Bitcoin dan Ethereum terus berusaha untuk meningkat, walaupun menghadapi kesukaran setiap kali. Namun, peluang untuk kembali ke pasaran menaik masih agak tinggi. Selepas kejatuhan ketara ke sekitar $82,000, Bitcoin telah

Jakub Novak 09:32 2025-03-17 UTC+2
Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
Panggilan semula Widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.