Bitcoin Price Analysis — May 10 (Daily Chart)
Bitcoin’s bearish woes have only worsened over the past week, as the benchmark cryptocurrency breached the critical 30K support, along with my broader pivot zone, yesterday. This bearish slide saw the cryptocurrency hit the 29.7K low after a five-day consecutive decline, its lowest point since July last year.
BTC has now rebounded to the 32K top today, as it eases the bearish pressure that has accrued over the past few days. That said, it is still unclear if the flagship cryptocurrency has bottomed or whether the bearish row could resume in the coming days, as investors might remain wary of riskier assets amid a global economic slowdown.
Meanwhile, my resistance levels are at $33,000, $33,750, and $34,300, and my key support levels are at $31,000, $30,000, and $29,000.
Total Market Capitalization: $1.48 trillion
Bitcoin Market Capitalization: $612.4 billion
Bitcoin Dominance: 41.2%
Market Rank: #1
BTC has now rebounded to the 32K top today, as it eases the bearish pressure that has accrued over the past few days. That said, it is still unclear if the flagship cryptocurrency has bottomed or whether the bearish row could resume in the coming days, as investors might remain wary of riskier assets amid a global economic slowdown.
Meanwhile, my resistance levels are at $33,000, $33,750, and $34,300, and my key support levels are at $31,000, $30,000, and $29,000.
Total Market Capitalization: $1.48 trillion
Bitcoin Market Capitalization: $612.4 billion
Bitcoin Dominance: 41.2%
Market Rank: #1
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