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Bullish Bulls took the crypto market by storm yesterday, pushing Bitcoin (BTC) to the $32K mark or 9%. The bullish row came after weeks of struggling bearish and sideways momentum.
The 9% rally was sponsored by global investors following a strong rally in Asian and European stock markets. With US markets closed for the Memorial Day holiday, the USD had no momentum to withstand the trading pressure. That said, the rally in the crypto market can be attributed to a weaker dollar and an on-chain report from analytics provider Glassnode. . The report showed that despite the debilitating sell-off recorded by some of these long-term holders, the total supply of Bitcoin held by this group recently hit an all-time high of 13.048 million BTC.
Detailing the factors responsible for BTC's rally, GlobalBlock analyst Marcus Sotiriou noted: The report highlighted that Bitcoin HODLers were "the only ones left" after the crash and were "doubling down as prices rally." correcting below $30,000” “Bitcoin broke above $30,000 but needs to hold the $29,300 level on a retest to suggest a continuation to the upside. Relief is long overdue in the crypto market as the US stock market already rallied last week Key Bitcoin Levels to Watch: May 31 Beating the odds against it, Bitcoin finally broke the $30K-$31K resistance zone yesterday, hitting $32K ceiling. BTCUSD – 4-hour chart Source: TradingView. The recent bullish rally pushed the benchmark cryptocurrency into the $31K-$41K pivot area. BTC needs to hold its position above the $31K pivot base for the next few days to secure budding bullish sentiment. resistance levels are at $32,000, $33,000 and $33,750 key support levels are at $31,000, $30,300 and $30,000
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The 50-day SMA indicator lines up with the pre-eminent bearish channel trend line drawn above the 14-day SMA indicator. Stochastic oscillators remain in the oversold zone, which means that the downward forces have not yet culminated
Cardano is at Relative Strength Index degree 33 for time frame 14. Altcoin is in downtrend area and approaching to the oversold zone. Cardano (ADA) bear cost is in a downside correction as it breaks today's support at $0.57. On the other hand, the trading pressure will resume if ADA breaks away from the moving average.
the critical degree for a bullish comeback is the $31,000 mark, which remains out of reach for bulls at the moment. The cost dynamics recorded once BTC touches the $30,000 mark (100 EMA) again should set the ways for a totally retest of $31,000.
Ripple is on a sideways slide but is in danger of falling further to $0.33. However, the uptrend will resume if the resistance at $0.46 is broken.
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LTC/USD is not spared amidst well-known crypto economies that currently remain trying to recover from the depths of the trading sessions shot down over two sessions.
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BTC/USD trading activity has adopted a boss showing that it is shown in a narrow range region over the course of two sessions. The cost is trading close to $29,194 between a high of $29,231 and a low of $28,857 at a positive percentage rate per minute of 0.51.
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