- A firm buying has been observed in the Bitcoin price from the $56572 decisional point of interest (POI).
- Technical indicators summary suggests a bearish signal in the current phase.
- BTC crypto is performing 16.92% below the all-time high price level of $73,750.07.
Bitcoin (BTC) is the first open-source, decentralized blockchain that allows online payments without the need for any financial institution. It is the most popular and dominant cryptocurrency in the world. Since February 2024, crypto has shown an enormous amount of growth. BTC has recorded over 40% positive profitability and 74% bullish rallies since then. At present, the crypto is going through a correction period.
Performance & Valuation Of Bitcoin May 2024
Bitcoin is currently ranking 1st in terms of market cap domination in the entire cryptocurrency market. The current dominance of BTC covers 53.1% of the crypto world. At the current phase, the crypto is going through a bullish correction period after hitting the all-time high mark of $73,750.07 on March 14, 2024.
In the last 7 days, the BTC price has surged 6.30%, which is outperforming the global cryptocurrency market. Regarding the trading volume, Bitcoin ranks 2nd out of 9,901 active cryptocurrencies. The trading volume has reached 24.10 billion in the last 24 hours, with a slight decrease of 4.42%.
Price to Volume & Social Dominance Analysis
Social data is one of the important factors that helps in the growth of any digital assets. Similarly, social tweets about the most popular crypto have a noticeable rise after April 11, 2024. The rise had a positive impact on trading volume, resulting in the price hike.
However, the positive uprise wasn’t sustained as per some expectations due to the bullish correction period. In recent sessions, the social dominance of Bitcoin has been rising slowly, currently covering 27.02% across social media platforms.
Technical Analysis of the Bitcoin (BTC/USD)
The long-term outlook lies above the key exponential moving averages, reflecting a bullish trend. The current price is moving between the 50-day and 200-day EMAs, indicating an uncertain short-term trend.
BTC price is experiencing a bullish correction period from the $73780.00 resistance level. Recently, the price broke out of the $59817.00 support level. However, the buyers reflected a strong presence from the $56572.00 decisional POI. The 15% upsurge in price from that demand zone could be an indication of a potential bullish trend continuation.
The relative strength index (RSI) is showing strong bullish momentum in the current phase. The RSI line and the SMA line had a golden crossover, indicating a bullish shift in strength.
Summary
Bitcoin crypto price has entered a bullish correction phase after hitting the all-time high mark of $73780.00. The cryptocurrency has been going through this correction phase for 2 months. The current crypto price is showing some potential for the bullish trend continuation. The buyers have entered the field from the $56572.00 decisional demand zone, which can be an indication of price resurgence.
Technical Levels
The immediate short-term resistance level for BTC at the time of writing was $67351.00. While the $56572.00 is the next support. If BTC is able to make past the upper resistance level, a rise in price can be expected. Likewise, a drop below the aforementioned support level can lead to a price pullback to the lower support level.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.