- On Tuesday, bitcoin (BTC) rose by 1.91% to finish the day at $29,630, with resistance at $30,000 limiting the upside.
- The bullish session got here regardless of development fears leaving the NASDAQ 100 down by 2.35%.
- Bitcoin (BTC) technical indicators flash purple, with bitcoin sitting beneath the 50-day EMA.
Bitcoin (BTC) rose by 1.91% on Tuesday. The upside got here regardless of development fears weighing on the NASDAQ 100 and different riskier property. Partially reversing a 3.93% slide from Monday, bitcoin ended the day at $29,630.
After a range-bound morning, bitcoin slid to an early afternoon intraday low of $28,630.
Steering away from the First Major Support Level at $28,413, bitcoin struck a day excessive of $29,800 earlier than easing again.
On Tuesday, danger aversion left the NASDAQ 100 down by 2.35%. Bitcoin decoupled from the NASDAQ for a second consecutive day.
BTC and NASDAQ 2505 Daily Chart
The Bitcoin Fear & Greed Index Continues to Avoid Sub-10/100
This morning, the Fear & Greed Index slipped from 12/100 to 11/100. The decline got here regardless of bitcoin recovering from an early afternoon sell-off.
Fear & Greed 250522
While avoiding a return to final week’s low of 8/100, failure to breakout from its present ranges may spell hassle for bitcoin.
Alongside development fears, bitcoin and the broader crypto market face the prospects of a shift within the regulatory panorama. There’s additionally the fallout from the collapse of TerraUSD (UST) and Terra LUNA.
Investigations into the occasions that led to the de-pegging of UST from the greenback may reveal fraudulent exercise, which might impression the market.
As lawmakers examine the collapse, central bankers have taken the chance to crypto-bash. ECB President Lagarde and BoE Governor Bailey each talked of cryptos being nugatory. For now, nevertheless, traders have taken little discover to the anti-crypto chatter.
Bitcoin (BTC) Price Action
At the time of writing, BTC was down by 0.17% to $29,578.
BTCUSD 250522 Daily Chart
BTC might want to keep away from the $29,354 pivot to focus on the First Major Resistance Level at $30,077.
BTC would wish the broader crypto market to assist a breakout from Tuesday’s excessive of $29,800.
An prolonged rally would check the Second Major Resistance Level at $30,524 and resistance at $31,000. The Third Major Resistance Level sits at $31,693.
A fall by way of the pivot would check the First Major Support Level at $28,907. Barring an prolonged sell-off, BTC ought to avoid sub-$28,000 ranges. The Second Major Support Level at $28,183 ought to restrict the draw back.
BTCUSD 250522 Hourly Chart
Looking on the EMAs and the 4-hourly candlestick chart (beneath), it’s a bearish sign. This morning, BTC sits beneath the 50-day EMA at $29,829. The 50-day pulled again from the 100-day EMA. The 100-day EMA fell again from the 200-day EMA, BTC detrimental.
A transfer by way of the 50-day EMA to $30,000 would assist a run at $31,000.
BTCUSD 250522 4 Hourly Chart