Ethereum

Bitcoin

<ul>
<li><strong>Analysts are keeping a close watch on the trading volumes for Bitcoin and other crypto assets to determine the sentiment for any sort of directional move.</strong></li>
<li><strong>On the downside, the crucial support for Bitcoin is in the range of <span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">$26,800-27,000. Any further fall beyond this will confirm a bearish divergence. </span></strong></li>
</ul>
<hr />
<p>After a strong bounceback on Monday, May 15, Bitcoin (BTC) and Ethereum (ETH) continue to hold above the crucial support levels. As of press time, Bitcoin (BTC) is trading at a price of $27,241 with a market cap of $527 billion. On the other hand, Ethereum (ETH) continues to trade at $1,822 with a market cap of $219 billion.</p>
<div class="cryptoboxes" id="mcw-21799" data-realtime="on"><div class="mcw-chart mcw-chart-light" data-font = "Poppins" data-coin = "ethereum" data-symbol = "ETH" data-currency = "USD" data-rate = "1.000268" data-type = "chart" data-view = "day" data-theme = "light" data-smooth = "true" data-areacolor = "" data-bgcolor = ""></div></div><p>Going ahead, trading volumes will be a key metric to watch since it could mute or amplify the sentiment behind any kind of directional move. Jeff Dorman, chief investment officer at the digital-asset manager Arca, said that the bid/ask spreads, especially after two of the biggest market makers in the US &#8211; Jane Street and Jump Crypto &#8211; decided to exit the market. Dorman added that &#8220;The prices of most digital assets are stuck in a wind tunnel&#8221;.</p>
<p>Interestingly, the action in the traditional financial market also remained silent as traders are trying to understand whether US lawmakers would agree on a plan to avoid a default by the federal government. With Treasury&#8217;s borrowing going pretty close to the official limit, it will be crucial to see whether the US Congress agrees to increase the debt ceiling.</p>
<h3 id="where-8217-s-bitcoin-moving-next">Where&#8217;s Bitcoin Moving Next?</h3>
<p>Over the last few days, the world&#8217;s largest crypto Bitcoin (BTC) has seen some retracement after facing rejection at $30,000. As of now, Bitcoin is trading in a very tight range of support and resistance, and pretty close to the 200-day moving average.</p>
<p>As of press time, the Bitcoin (BTC) price is trading above the crucial support level of $27,200. Popular crypto analyst Michael van de Poppe stated that as long as Bitcoin continues to hold above the 200 MA and EMA, the BTC price can continue its journey towards $38,000-42,000 from here.</p>
<div class="cryptoboxes" id="mcw-19649" data-realtime="on"><div class="mcw-chart mcw-chart-light" data-font = "Poppins" data-coin = "bitcoin" data-symbol = "BTC" data-currency = "USD" data-rate = "1.000268" data-type = "chart" data-view = "month" data-theme = "light" data-smooth = "true" data-areacolor = "" data-bgcolor = ""></div></div><p>But over the last few hours, Bitcoin is facing some selling pressure and trading above $27,200. Poppe <a href="https://twitter.com/CryptoMichNL/status/1658359359489859584" target="_blank" rel="nofollow noopener">added</a>:</p>
<blockquote><p><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">Sigh, </span><span class="r-18u37iz">#Bitcoin</span><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0"> is again chopperino. Rejects at first resistance point, has a must-hold zone between $26,800-27,000. If that&#8217;s lost, we&#8217;ll probably cascade towards &lt;$26,000 for a potential bullish divergence. Holding here would be good, needs to break $27,500 then.</span></p></blockquote>
<p>Also, the perpetual futures funding rate remains positive for both &#8211; Bitcoin and Ethereum. This shows that the overall market sentiment is still positive.</p>
<div id="attachment_279266" style="width: 1531px" class="wp-caption aligncenter"><img aria-describedby="caption-attachment-279266" decoding="async" class="size-full wp-image-279266" src="https://www.crypto-news-flash.com/wp-content/uploads/2023/05/Futures-funding-Rate.png" alt="" width="1521" height="829" srcset="https://www.crypto-news-flash.com/wp-content/uploads/2023/05/Futures-funding-Rate.png 1521w, https://www.crypto-news-flash.com/wp-content/uploads/2023/05/Futures-funding-Rate-300x164.png 300w, https://www.crypto-news-flash.com/wp-content/uploads/2023/05/Futures-funding-Rate-1024x558.png 1024w, https://www.crypto-news-flash.com/wp-content/uploads/2023/05/Futures-funding-Rate-768x419.png 768w" sizes="(max-width: 1521px) 100vw, 1521px" /><p id="caption-attachment-279266" class="wp-caption-text">Courtesy: Glassnode</p></div>
<p>The crypto funding rates usually help in identifying whether the market sentiment is bullish or bearish. For 8 out of the 10 recent trading sessions, the Bitcoin funding rates have remained positive. Similarly, Ether (ETH) has shown positive funding rates for 7 out of 10 trading sessions.</p>
<p>Der Beitrag <a rel="nofollow" href="https://www.crypto-news-flash.com/bitcoin-and-ethereum-stuck-in-wind-tunnel-will-btc-hit-30000-and-eth-2000-or-will-we-see-a-historical-massive-crypto-crash-first-report/">Bitcoin and Ethereum Stuck in Wind Tunnel: Will BTC Hit $30,000 and ETH $2,000, or Will We See a Historical Massive Crypto Crash First? Report</a> erschien zuerst auf <a rel="nofollow" href="https://www.crypto-news-flash.com">Crypto News Flash</a>.</p>

Bitcoin and Ethereum Stuck in Wind Tunnel: Will BTC Hit $30,000 and ETH $2,000, or Will We See a Historical Massive Crypto Crash First? Repo...

Table of Contents

Crypto News Flash

Other articles published on May 16, 2023

Yield App and Volt Join Forces to Enhance Crypto Accessibility with Real-Time Payments

How Does the Reality Metaverse’s Marketplace Work?

Exploring Community Building Strategies of DogeMiyagi, Binance Coin, and Cardano in the World of ...

❤‍🔥 Experience the Excitement of FREE MINT NFTs with PINKINU ❤‍🔥

Why Risk Tolerance Is Key to Successful Crypto Investing

Best Ways to Make Money With Crypto Cloud mining in 2023

Join our free newsletter for daily crypto updates!