Analysis: Bitcoin is stable at $30K, but hasn’t found the bottom yet
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Answer Analysis: Bitcoin is stable at $30K, but hasn’t found the bottom yet
For more than a month, Bitcoin has been fluctuating around the $30K level with some factors that could provide an upward push.
Bitcoin is currently trading at $30,350, largely unchanged from what it was in early May, according to Coinmarketcap data.
The price of Bitcoin is down more than 50% from its record high in 2021, and is down 35% so far this year.
Most of the losses were driven by macroeconomic factors from high inflation, high interest rates and the Russo-Ukrainian war.
But even with the steep losses this year, analysts fear that Bitcoin has yet to find a bottom.Read:Terra Founder: I bet big and I think I lost!
Expectations range that Bitcoin bottom will be between $28,000 and $20,000 before a recovery.
According to analyst Willy Wu, the bottom of Bitcoin has not yet occurred, adding explaining On Twitter:
Although Bitcoin is seeing some buying at lower prices, Bitcoin has yet to confirm the bottom.
Willy Woo notes that unlike past bitcoin moves, which tend to have 60% of all bitcoin holders at a loss, only 47% are in a losing position this time around.
This indicates that Bitcoin still has more losses according to Willy Woo’s analysis, who added:
Bitcoin is trying to create a bottom structure that has yet to be confirmed.
On the smaller time front, we are seeing strong demand for Bitcoin from traders and investors and likely from institutions.
Will Bitcoin suffer further declines this week?
Similar to the stock market, Bitcoin is in a tight range this week in anticipation of key US inflation figures expected to be published on Friday.
A higher index reading in May is likely to lead to market carnage, as it will signal further Fed policy tightening.Read:STEPN Cryptocurrency Down 22% in the Last 24 Hours…Learn the Reasons!
While inflation eased slightly in April, it is still stuck at a 40-year high.
If this trend continues, Bitcoin and the cryptocurrency market will experience more pain, as high inflation could lead to a recession.
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