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Cryptocurrency Price May 20: Bitcoin Trades Near $67k; Avalanche, Shiba Inu Down Over 4%
Major cryptocurrencies saw a decline on Monday trade session as investors have become risk averse in the current environment global environment. The global cryptocurrency market capitalization fell 1% to around $2.41 trillion in the past 24 hours.
At 10:06 am, Bitcoin was trading down 0.15% at $66,931, while Ethereal suffered a 0.3% decline to $2,935. Additionally, altcoins such as XRP (-1.7%), Dogecoin (-2.8%), Cardano (-2.2%), Avalanche (-4.3%) Shiba Inu Dog (4.24%), Polkadot (2%) and NEAR Polkadot (2.1%) followed suit in the downtrend.
“Bitcoin traded at the $67,000 level over the weekend with a surge Bitcoin spot ETF inflows. Additionally, the House bill heading for a final vote has contributed to the positive sentiment,” said Edul Patel, CEO of Mudrex.
The next resistance is set at the $67,500 level and support stands at around $65,500, he said.
Rajagopal Menon, Vice President, at Italian:said, “Moving averages for Bitcoin are indicating a ‘Buy’ sentiment and have challenged previous price levels. However, as May progresses, price action is tightening due to post-halving price consolidation and mid-year sentiment changes. If Bitcoin fails to hold the $66k level, it could drop to $65.1k or $64.5k.”
The volume of all stablecoins is now $49.08 billion, which represents 90.98% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap.
Over the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has risen to $1.213 trillion. Bitcoin’s dominance currently stands at 54.49%, according to CoinMarketCap. BTC volume over the past 24 hours has risen 21% to $28.9 billion.
ZebPay Trade Desk Technical View
BTC has surged more than 8% this week, indicating that lower levels continue to attract buyers. Typically, in a range-bound market, traders buy near support and sell near resistance. This suggests that the price could rise to the top of the range at $73,777. However, breaking above this level could prove challenging. Analysts are currently divided on Bitcoin’s next directional move. Some believe that the correction is over and that Bitcoin is poised to reach a new all-time high. Conversely, others predict that Bitcoin could turn down to retest the $60,000 support level, potentially moving lower. This divergence of opinion highlights the uncertainty and mixed sentiment in the market, making the next few trading sessions crucial in determining Bitcoin’s trajectory.
Bitcoin witnessed a sharp correction after hitting a new all-time high of $73,777 and prices dropped by nearly 23.35% and fell to $56,552. Although the asset broke above the psychological level of $60,000, it did not close the week below $60,000 as it took support at the key level of $56,000 and recovered to $67,700. In a daily time frame, BTC is consolidating and trading between $67,500 and $60,000. The asset has strong resistance at $67,500 and $73,777 while $60,000 and $56,000 will be a strong support for the asset.
(Disclaimer: Recommendations, advice, opinions and views provided by experts are personal. They do not represent the views of The Economic Times)
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(Originally published on May 20, 2024)