Bitcoin on May 22 – Fertile ground for a new ATH on BTC?

ATH for Bitcoin? – The price of Bitcoin has returned above $70,000, and there are still a few percent to scratch to reach a new all-time high against the dollar. However, the rise experienced in the cryptocurrency sector following rumors regarding Ethereum spot ETFs allowed BTC to mark a new ATH against currencies like the yen or the Argentine peso. Will BTC succeed in reaching an all-time high against the US dollar? We evaluate this possibility in the BTC bulletin!

Bitcoin price falls 1.7% in 24 hours

After experiencing a nice bounce which brought the price of Bitcoin beyond the $70,000, BTC pauses. In fact, the course drop of 1.7% in 24 hours :

Bitcoin performance against different pairs. Source: Coincheckup

With this breathing, BTC shows an increase of more than 10% in one week and more than 5% in one month. The BTC/ETH pair is in drop of more than 4% in 24 hours and more than 10% in one week.

The market is in healthy conditions to seek a new ATH on BTC

To put it simply, the funding rate corresponds to a commission paid by traders. In the event that the fundings are positivethis indicates that the buyers (long positions) pay fees for sellers (positioned in shorts). You will have understood it, if they are negativeis that the sellers pay fees to buyers.

The price of BTC is back around the $70,000and the fundings are at levels relatively correct :

Evolution of funding rates on Bitcoin. Source: Lookintobitcoin

Philip Swift, the founder of Lookintobitcoin, pointed out to the X network (formerly Twitter) the fact that the market has experiencedeuphoria when BTC was above $70,000 in March (high funding). Then, the correction has cooled the moodand the fundings are even went into the negative in April and May. Buyers defended the $60,000and at the moment, even if BTC is approaching the latest highs, the funding rates remain relatively low. It is good conditions to exceed the last peak around $74,000.

Bitcoin price falls below $70,000

Sellers continue to defend the psychological threshold of $70,000. However, the price is back at the level of support at $69,500 and on the institutional bias (EMA 9/EMA 18) bullish. Thus, the course could bounce towards the resistance at $71,000 :

The price of Bitcoin could rebound at the institutional bias level (EMA 9/EMA 18) bullish and on the support at $69,500 - May 22, 2024.The price of Bitcoin could rebound at the institutional bias level (EMA 9/EMA 18) bullish and on the support at $69,500 - May 22, 2024.
Bitcoin price against the dollar (4H)

If this resistance gives way, the price could reach the last barrier located at $73,000. On the other hand, if the support at $69,500 is broken, the next strong support lies at $67,000. By breaking the $67,000, the price of BTC regained momentum with rising lows and highs. We must continue this dynamic to hope review an ATH. At the same time, the RSI is bullishTHE buyers have the momentum advantage in 4H.

Bitcoin is back near recent highs, and it appears to be in good condition to mark a new all-time high. However, it still has some resistance to break before it can move beyond $74,000. For its part, Binance Coin (BNB) also has the possibility of marking a new all-time high.




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