- On Tuesday, bitcoin (BTC) rose by 1.93% to finish the day at $30,416. Resistance at $31,000 continued to be the important thing resistance stage.
- The upside got here regardless of the Bitcoin Fear & Greed Index falling to eight/100, the bottom stage since a March 14, 2020 low of 8/100.
- Bitcoin (BTC) technical indicators flash crimson, with bitcoin sitting under the 50-day EMA.
The NASDAQ supported a bitcoin (BTC) rise of 1.93% on Tuesday. Partially reversing a 4.66% slide from Monday, bitcoin ended the day at $30,416.
A blended session noticed bitcoin rise to a day excessive of $30,744 earlier than hitting reverse.
Falling wanting $31,000 and Monday’s excessive of $31,296, bitcoin eased again to sub-$30,500.
The upside got here regardless of bearish sentiment lingering from the TerraUSD (UST) and Terra LUNA meltdowns of final week.
Throughout the day, the NASDAQ 100 mini delivered help forward of upbeat stats from the US that had been additionally constructive for riskier property.
Several key drivers are presently in play to check investor urge for food. These embody the specter of a shift within the regulatory panorama, the worry of a recession, Fed financial coverage, and the danger of one other stablecoin collapse.
The Bitcoin Fear & Greed Index Recovers from a 2022 Low of 8/100
This morning, the Fear & Greed Index rose from 8/100 to 12/100. While recovering from the bottom stage since March 14, 2020, the Index remained deep within the “Extreme Fear” zone, reflecting the bearish sentiment throughout the crypto market.
Fear & Greed Index
While the demise of Terra LUNA and TerraUSD led to a weaker correlation between the NASDAQ 100 and bitcoin, a correlation stays in place.
Bitcoin additionally responded to upbeat US retail gross sales and industrial manufacturing figures earlier than easing again.
BTCNASDAQ Daily Chart 1805
Bitcoin (BTC) Price Action
At the time of writing, BTC was down 0.83% to $30,162.
A blended begin to the day noticed bitcoin rise to an early morning excessive of $30,674 earlier than falling to a low of $30,158.
BTCUSD 180522 Daily Chart
BTC might want to transfer by way of the $30,192 pivot to focus on the First Major Resistance Level at $30,969.
BTC would wish the broader crypto market to help a breakout from Tuesday’s excessive of $30,744.
An prolonged rally would check the Second Major Resistance Level at $31,510 and resistance at $32,000. The Third Major Resistance Level sits at $32,816.
Failure to maneuver by way of the pivot would check the First Major Support Level at $29,651. Barring one other prolonged sell-off, BTC ought to avoid sub-$28,500 ranges. The Second Major Support Level at $28,885 ought to restrict the draw back.
BTCUSD 180522 Hourly Chart
Looking on the EMAs and the 4-hourly candlestick chart (under), it’s a bearish sign. BTC sits under the 50-day EMA, presently at $30,837. This morning, 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 would help a run at $35,000.
BTCUSD 180522 4 Hourly Chart.