- The price may begin a new negative wave if it falls below $28,000.
- If BTC breaks through the $30K level, a new upward trend may be on the horizon.
Over the last two weeks, the cryptocurrency markets have been crushed, losing 25% of their value or about $500 billion since the beginning of the month. Things took a respite over the weekend, with several crypto assets even reporting modest gains after the fall ended on Friday with an annual low market worth below $1.3 trillion.
Sharp market downturns aren’t necessarily terrible news for investors looking for long-term returns since they give entry possibilities. According to on-chain data, from the 7th to the 10th of May, the Gemini exchange’s market makers delivered an all-time high of 84,000 BTC to Binance.
Investors Waiting For a Confirmation
The BTC price sought to rise over the $30,000 barrier level. The price of Bitcoin began a new slump, dropping below $30,000. At $28,000 and the 100-hour simple moving average, BTC gained momentum.
It even broke through the $30,000 barrier and is now trading at $29,784. However, the bulls could not maintain their momentum over the $31,000 barrier. The price has made a new high at $31,390 and is currently easing down. The price is trading under $30,000. The price may begin a new negative wave if it falls below $28,000, the next significant support level.
If bitcoin breaks through the $30,000 level of support, a new upward trend may be the horizon. The $31,000 level will act as a near-term hurdle on the upward. The $31,400 mark is the next significant hurdle. An upward trend might be sparked by a break of the $31,000 and $31,400 resistance levels. It is possible that the price might soar beyond $33,000 if it breaks through $32,500.