Bitcoin ‘ready’ for $32.8K after consolidation as BTC price gains 6.3%

Bitcoin (BTC) remained higher on May 30, as early weekly gains saw BTC / USD retain $ 30,500.

$ 32,000, $ 35,000 marked as lines in the sand

Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency consolidating near that $ 30,600 at the time of writing after hitting highs of $ 30,900 on Bistamp.

Its best performance since May 16, the return to relative strength was welcomed by analysts, some of whom began discussing the possibility of a breakout interval.

“Finally, Bitcoin is running up,” said Michaël van de Poppe, a Cointelegraph contributor. told Twitter followers.

“A little more consolidation here and we’re ready to break higher, in which $ 32.8K and $ 35K are the resistances. The moment the market reaches $ 35K, that’s the point where I expect everyone to become bullish.”

Trader and analyst Rekt Capital agreed, demanding at least $ 32,000 to break and hold for a change of trend.

#BTC is enjoying a rebound from the bottom of the Macro Range Low, having held it as a support for the past few weeks.

That said $ BTC would need to break an orange resistance of ~ $ 32K to enable accumulation to ~ $ 35K

For now, not too significant a move, macro-wise#Bitkoin pic.twitter.com/tL7OpKOybm

– Rekt Capital (@rektcapital) May 30, 2022

To the disadvantage, meanwhile, Van de Poppe highlighted the area near May 29 closes weekly as a decisive support for now hold.

That weekly close remained disappointing, marking the ninth red candle in a row for BTC / USD.

Adopting a conservative outlook, a TXMC Trades trading account was unsure of Bitcoin’s ability to break the range while U.S. markets were away for the Memorial Day holiday.

Still only a range tied despite the speed of the pump. LTF double top at resistance. Will #BTC to get out of a well-defined consolidation during a market holiday in the US without a catalyst? My basic case is no, but I was wrong before. pic.twitter.com/0gjs6GXizc

– TXMC (@TXMCtrades) May 30, 2022

No bright future for stocks

Ahead of markets returning on May 31, doubts similarly remained about the real momentum behind their newly found strength, which showed up last week.

Related: ‘Mega bullish signal’ or ‘real crash?’ 5 things to know in Bitcoin this week

Bitcoin initially reacted slowly, but its copy behavior lent weight to the idea that higher levels through risky assets could ultimately prove to be a hoax.

Commenting on the fortunes of the S&P 500, trader and analyst Pentoshi admitted that he did not see much more advantage to come.

“I think we’re getting close to the top of being limited to SPX in a red box after we got that nice swing low in the weekly,” he said. said next to a diagram showing objects.

“Very hesitant to think this could keep momentum going (just giving the Fed more reason to tighten).”

The US dollar index (DXY) retreated for another day, breaking below 101.5 for the first time since late April.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and business move involves risk, you need to do your own research when deciding.