Analysts flag Bitcoin prices to track after LFG sells 80K BTC

Analysts flag Bitcoin prices to track after LFG sells 80K BTC – Mail Bonus

Bitcoin (BTC) needs to maintain current levels and work to recover higher to avoid a collapse in the $ 20,000 range, the latest analysis warns.

BTC / USD 1 hour candlestick (bit stamp). Source: TradingView

Is $ 20,000 coming?

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD still failed to cement $ 30,000 in support of the opening of Wall Street on May 16.

The pair had seen a new loss after a weekly closing of $ 31,300 – this in itself disappointed marketers after sealing the record for the seventh red candlestick in a row.

Even as the Luna Foundation Guard (LFG) revealed that it had sold almost all of its BTC reserve fund in Terra (LUNA) and TerraUSD melting last week, it failed to lift the mood in the markets due to an implicit lack of futures sales.

“The coming days will be very important IMO. Hold these levels, grind higher from here,” popular Phoenix trader added together in a Twitter post the other day.

“If that fails, then my eyes are on $ 21.8K- $ 23.8K. I did not expect to have them in mind again, lol. I was wrong to think that the 1st quarter build was the beginning of a reversal of development.”

Phoenix is ​​far from alone in predicting that it will return to a lower level than last week, almost 24,000 dollars.

By participating in the consensus, Rekt Capital, a trader and analyst, also pointed out that $ 20,000 would be an area of ​​interest if current values ​​are not maintained and buyers do not become a reality.

Last week’s operation, he addedcould have already created a new trading division for Bitcoin where the macroeconomic division is low at $ 28,800 which counts as its ceiling.

“If this proves to be the case, Macro Range Low could go into opposition to reject lower prices,” he explained.

At the same time, some were cautiously optimistic about the short-term outlook, including the Cointelegraph contribution of Michaël van de Poppe.

“I’m not sure if we’ll start the exam around $ 28.4K, but this is a scenario I would look at,” he said. said Twitter followers.

“An important bullish breaker is $ 30.2K. Overall, we expect a continuation towards $ 32.8K for Bitcoin.”

At the time of writing, BTC / USD trades at around $ 29,300 on Bitstamp.

Bitcoin “synonymous with volatility”

On a macroeconomic level, the picture remained broadly similar to recent weeks: stocks under pressure amid a continued rise in the strength of the US dollar.

Related: The first 7-week losing streak in history – 5 things to know about Bitcoin this week

The US dollar index (DXY) went to 105 on May 13 and from May 16 it was trying to test the level again, which was rejected at that time.

The S&P 500 was down 0.65% today and the Nasdaq 100 was down 1.3%.

Shares on Twitter returned to the headlines, this time trading technical stocks to trade at less than they had before Elon Musk announced its 9% stake and takeover bid.

For Mike McGlone, Bloomberg’s intelligence chief, there was a comparison to the dotcom bubble.

“If the risk asset continues to decline, one of the best results in history – Bitcoin – should face the appropriate significance of a return, but early adoption dates could be in favor of new technology / assets,” he said. wrote in another tweet the other day.

“Both Bitcoin and the S&P 500 have fallen below the 100-week moving average.

Bitcoin vs S&P 500 moving average chart. Source: Mike McGlone / Twitter

The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading business involves risk, you should conduct your own research when making a decision.