Sunday August 7, 2022

Early on May 10, cryptocurrencies continue to trade in the deep red, with the global crypto market value at $1.41 trillion, down 9.78 percent. Bitcoin’s losses continued, and it even fell below the $30,000 important milestone. 

BTC Price is currently stabilizing and may correct upward to the $32,000 barrier level. Near $29,755, a new multi-week bottom is forming, and the price is consolidating losses.

Michal van de Poppe informed Twitter followers that it may go to $30-31K levels because Bitcoin is a daily block. But he would be looking at longs in these areas. Despite the fact that $30,000 is a popular floor level among commentators, some fear Bitcoin might fall below $25,000 or even lower.

Dylan LeClair, who highlighted Bitcoin’s realized price, the sum at which each coin last changed, is one of a possible objectives this week. On May 9, he stated on Twitter that a bitcoin fall down to its realized price (average on-chain cost basis) is very possible and has been consistent with past market bottoms in bear market cycles. “Realized price is $24.3k at the moment,” he added.

Bitcoin Price Analysis 

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On the upside, bitcoin is facing resistance near $31,250.The next major level could be around $32,000 and next the $33,000 zone could be a crucial breakout zone. 

The price needs to stabilize above $33,000 to begin a decent comeback wave. In the above scenario, the price might jump to around $35,000.

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If bitcoin fails to break over the $32,000  level, it may continue to fall. On the downside, the $30,200 level provides immediate support. Near the $30,000 level, the next big support is seen. 

A break and closing below the $30,000 support level could trigger further losses. $29,500 could be the next significant support. Any further losses could push the stock below the $28,800 support level. 

At the time of writing, BTC is trading at $31,527.91 and is down by more than six percent.


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