Bitcoin is facing resistance above $33000 with support at $22,000-$25,000

May 28, 2022

Bitcoin is facing resistance above $33,000, with support at $22,000-$25,000.

Bitcoin is facing resistance above $33000 with support at $22,000-$25,000

Volatility could rise, mainly if some other charge breakdown occurs. Last week, Bitcoin (BTC) dropped underneath the $33,000 resistance mark, however, charge movement has accounted for that steadied inner a slender range. This would possibly suggest a spike in volatility, much like what came about in advance this month.

BTC has misplaced kind of 3% withinside the closing week and has outperformed different opportunity cryptocurrencies, indicating that buyers have a reduced belly for hazard. Because of its decreased hazard profile, BTC regularly loses much less than alts in poor markets. On the weekly chart, the relative electricity index (RSI) is at its maximum oversold stage on account that March 2020, which accompanied a chief crypto surge. However, the decline in long-time period momentum this time indicates that BTC’s upside capability is limited.

Because of negative momentum readings based on weekly and monthly price data, there is an increasing possibility of more price breakdowns. Initial support is predicted near $25,000, which is around the May 9 price low, if a dramatic down move develops.

The 200-week moving average, now at $22,061, provides further support and may help to stabilize price activity. $17,673, or nearly 78 percent of the former rise from March 2020 to November 2021, would be a more definitive downside objective. That price level would also result in an approximately 73 percent decrease from peak to trough, which might indicate capitulation. During the 2018 crypto bear market, bitcoin fell by 83 percent from its all-time high of $19,890.

Read more: Inflows to Bitcoin and Ethereum Exchanges Suggest Sell-Offs Aren’t Over

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