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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/how-does-bitcoins-recent-movement-affect-the-market/" data-wpel-link="internal">How Does Bitcoin’s Recent Movement Affect the Market?</a><br></p>
<p class="p1" style="text-align: justify"><strong><a href="https://coin-turk.com/tam-916-434-kat-artmis-bir-servet-degerinde-12-yillik-bitcoin-cuzdani-harekete-gecti" data-wpel-link="internal">Bitcoin</a>,</strong> on May 1st, broke through the $60,000 support level, indicating a weakening of the upward trend. While the decline clouds the short-term outlook for <a href="https://en.coin-turk.com/bitcoin-sees-notable-rise-analysts-weigh-in/" data-wpel-link="internal">Bitcoin</a>, analysts continue to hold a long-term bullish expectation. Consecutive outflows from US-based spot Bitcoin ETF funds over five days also provided little benefit to investors. Here are the notable chart analyses.</p> 
<h2 class="p1" style="text-align: justify" id="bitcoin-chart-analysis">Bitcoin Chart Analysis</h2> 
<p class="p1" style="text-align: justify"><strong>Bitcoin’s</strong> consolidation resolved negatively on May 1st, showing that bears overpowered the bulls. Buyers will try to push the price above $59,600, but bears likely have other plans. A drop from $59,600 would turn the level into resistance, increasing the likelihood of a fall to $54,298, the 61.8% Fibonacci retracement level.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-346836 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-grafik.webp" alt="" width="1311" height="805"></p> 
<p class="p1" style="text-align: justify">If the price rises and exceeds the 50-day simple moving average of $66,596, this negative view will lose its validity in the near term.</p> 
<h2 class="p1" style="text-align: justify" id="ethereum-chart-analysis">Ethereum Chart Analysis</h2> 
<p class="p1" style="text-align: justify"><a href="https://coin-turk.com/analist-ethereum-eth-yatirimcilarini-uyardi" data-wpel-link="internal">Ethereum</a> on April 30th fell below its 20-day exponential moving average of $3,170 and the $3,056 support level, indicating that bears are in control. Sales continued on May 1st, and bears pulled the price below the solid support of $2,852. If bears keep the price below $2,852, the <strong>ETH/<a href="https://coin-turk.com/omninin-yeni-surumunun-finansmani-tether-tarafindan-saglandi" data-wpel-link="internal">USDT</a></strong> pair could drop to $2,700 and then to $2,400.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-346837 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/eth-grafik.webp" alt="" width="1311" height="805"></p> 
<p class="p1" style="text-align: justify">Time is running out for the bulls, and if they want to prevent a decline, they must quickly lift the price above the moving averages. If they do, a drop below $2,850 could occur.</p> 
<h2 class="p1" style="text-align: justify" id="bnb-chart-analysis">BNB Chart Analysis</h2> 
<p class="p1" style="text-align: justify"><strong><a href="https://en.coin-turk.com/regulatory-pressure-and-falling-value-concerns-about-binances-bnb/" data-wpel-link="internal">BNB</a>‘s</strong> candlestick on April 30th had a long tail, indicating bulls bought at lower levels but couldn’t maintain momentum. Bears continued to sell, and on May 1st, they pulled the price below the moving averages. The BNB/<a href="https://en.coin-turk.com/tether-the-issuer-of-usdt-announces-15-of-net-profit-will-be-used-to-buy-bitcoin/" data-wpel-link="internal">USDT</a> pair could drop to the critical support of $495. This is an important support for bulls because a break below $495 could lead to a drop to $460 and then to $400.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-346838 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/bnb.webp" alt="" width="1311" height="805"></p> 
<p class="p1" style="text-align: justify">Contrary to this assumption, if the price rises from $495 and moves above the moving averages, the range-bound movement could continue for a while longer. Bulls will need to overcome the $635 barrier to start the next leg of the upward trend.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/how-does-bitcoins-recent-movement-affect-the-market/" data-wpel-link="internal">How Does Bitcoin’s Recent Movement Affect the Market?</a></h5>

How Does Bitcoin’s Recent Movement Affect the Market?

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