Price analysis 5/30: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
After creating the dubious record of nine successive red weekly closes, Bitcoin (BTC) is attempting to make amends by starting a price recovery to end the losing streak. Analysts have repeatedly said that investors should not fear a bear market because it is one of the best times to invest in fundamentally strong projects in preparation for the next bull phase.
CryptoQuant CEO Ki Young Ju highlighted that unspent transaction outputs (UTXOs) that are older than six months reflect 62% of the realized cap, which is similar to the level seen during the March 2020 crash. Hence, Ki said that Bitcoin may be close to forming a cyclic bottom.
In the current bearish environment, it is difficult to fathom a Bitcoin rally to $250,000 but billionaire investor Tim Draper is still bullish. While speaking on a YouTube show on May 24, Draper said that if more retailers start accepting Bitcoin, participation from women will increase as they will buy things with Bitcoin. According to Draper, this could boost Bitcoin’s price above his target objective of $250,000.
With several analysts calling for a bottom in Bitcoin, is it a good time to buy? Could the crypto markets start a recovery in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin broke above the downtrend line on May 30 and the bulls are attempting to sustain the price above the 20-day exponential moving average ($30,562). If they succeed, it will be the first indication that the bears may be losing their grip.
If the price sustains above the 20-day EMA, the BTC/USDT pair could rise to $32,659 and later to the 50-day simple moving average ($34,954). The 20-day EMA is flattening out and the relative strength index (RSI) has risen above 46,
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