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...

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