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Sunday, May 29, 2022

Bitcoin Falls Below $47,000; Traders Uncertain About What’s Next

The latest Bitcoin price charts have shown that BTC/USD has fallen to $46,540, a local low on Bitstamp. Just a few hours before the cryptocurrency had risen above $49,300. The price action seemingly continued showing behavior that was bound in a specific range.

The Latest Range Of Bitcoin

The rangebound behavior appears to be solidifying $51,000 as the resistance level, similar to the past. At the same time, bears lack the momentum and volume to reverse the support level as well.

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Bitcoin had paused in the middle of the $46k range for some time. However, during daytime trading, the cryptocurrency did not entice many buyers into acquiring long positions. Crypto Ed, a popular trader is expecting another potential relief rally. Following that, though, he expects an even worse dip in BTC prices to spring into action.

Nevertheless, other traders did not share the pessimism. Among the more optimistic ones were CryptoQuant market update contributors. CryptoQuant is a service providing on-chain analytics. In an update provided during the day, one analyst predicted that if BTC prices fell below $47k, the dip would be fake. The result of that fake dip would be the prices successfully crossing past the mark of $50k.

Meanwhile, on Thursday, BTC/USD was running thin on buyer support. Binance, one of the major exchanges, showed reliable interest merely hovering near the $41k level.

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At the same time, major altcoins such as Ether confirmed one of the smaller pictures while this rangebound behavior of Bitcoin continued. Among the top ten cryptos ranked according to market capitalization, none of them reported any noticeable gains over 24 hours. They did not report any significant losses either.

Ether (ETH) maintained its support level of $3,000 just about. Cardano (ADA) lost out on more of what it had gained in the previous week. 

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