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Bitcoin price is at $27,600 at the time of writing, which should not turn into resistance. The sub-$26,000 tests that worried cryptocurrency investors seem to be over for now. So what will happen next? What awaits cryptocurrency investors? We discuss the current market views of experts.
Bitcoin Expert Comments
The popular analyst known by the nickname Moustache interpreted the current weak price movements as Bitcoin and altcoins “breathing”. Evaluating the current situation as a breathing period before the big volatility, the name said;
“The views have not changed. Let’s take a breather before things get out of hand. To the bears: I’ll say it once and I’ll never say it again. You can’t compare a monthly chart to a daily chart.”
Will Cryptocurrencies Rise?
Another expert in the crypto space is Trader Tardigrade, and he too remained bullish, noting the weekly RSI. According to him, even the weekly close was a reason for optimism. On May 19, the Fed chairman’s statements were the most critical development of the week for him. Powell’s comments on the previous week’s data and the current situation will be critical.
In its market update on May 12, QCP Capital points to a downside reversal for the US Dollar Index (DXY) as the key event needed for risk assets to get the green light.
“We see USD strength as the main reason limiting BTC, which is the market’s expectation that the US government and big supply from Mt. Gox, which led to the market’s reflexivity blaming known bearish factors such as the US government and massive supply from Mt. Gox”.
The DXY rebounded over the week to May 14, landing in the 101 area, close to its lowest levels since April last year. These moves, which have been repeated many times this year, have now become classic.
On-chain analytics firm Santiment reported earlier in the day that interest in memecoins has also dissipated, with interest returning to stablecoins in a widespread cooling. The shallow liquidity in bear markets has allowed meme coins to make huge gains this month.
Santiment wrote the following;
“Traders continue to be frustrated by sluggish markets. Stablecoins are seeing social volume spikes, typically indicative of a lack of interest in the markets. Hype assets such as HEX, PEPE have seen big declines.”
