Bitcoin’s price has been volatile in recent days as weekend trading tested the resilience of its trading range. The largest cryptocurrency by market capitalization, Bitcoin, lost over $1,000 in value in a few hours of trading on May 6.
Bitcoin’s recent trading patterns appear to have left traders frustrated with many enthusiasts feeling that the crypto is losing momentum. Traders and analysts are uncertain about whether Bitcoin will clear $30,000 resistance and surge higher or plummet towards significant trend lines near $25,000.
Analysts from Cointelegraph Markets Pro and TradingView claim that the crypto remains stuck in a narrow trading corridor that it has held for many weeks. While optimistic longer-term projections suggest that Bitcoin could still go on a bullish run, market participants warn that the crypto is in limbo right now and cannot seem to decide on its next move.
Crypto Tony, a well-known cryptocurrency trader, tweeted that Bitcoin is “in limbo” and doesn’t “know what to do.” To Cash Tony, a bearish breakdown could drag Bitcoin prices lower. CryptoBullet, another trader, tweeted that the day’s losses were “nothing special,” pointing to a narrowing wedge with a decision on exit trajectory due.
From the weekly chart, analyst Gert van Lagen flagged the 200-week simple moving average (SMA) as the resistance line to clear next, with Bitcoin possibly completing an equally bullish inverse head and shoulders chart pattern. However, traders are unsure whether recent volatility could break this pattern and spark a bearish sell-off.
Investors and traders should conduct their research before making any investment decisions. Bitcoin’s value and trading activity remains unpredictable, creating a significant challenge for traders and investors aiming to profit in the crypto market.
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According to https://cointelegraph.com/news/watch-these-bitcoin-price-levels-next-as-btc-dips-3-in-choppy-weekend
The material in this article is written on the basis of another article.