Technology

how strong is this bracket?

Key facts:
  • Bitcoin holders resume accumulation amid falling markets.

  • The price of BTC shows a rally of 5.8% in the last 24 hours.

Bitcoin (BTC) posted a modest rally late Monday, May 9, with the $30,000 level showing as support. In the midst of the general fall in the markets, the demand has been reactivated to take the price this Tuesday 10 above USD 31,000.

The fact that the S&P 500 index closed this Monday below 4,000 points, its lowest level since March 2021, meant for some analysts that the cryptocurrency market would also continue to fall. However, as Asian markets closed smoothly, they have contributed to narrowing the liquidity gap, He says today the analyst Alberto Cárdenas on Twitter. “SPX recovers 4000. All eyes will be on the US inflation data that we will know tomorrow,” says Cárdenas.

The BTC price rally is more significant when considering that the Fear and Greed index went from 20 to 10, which increases fear in the market. Even under these circumstances, the data on chain suggest that whales and speculative traders may be interested in an accumulation strategy at low prices.

The chart below, with 4-hour candles, shows increasing moves from the $30.55 level at 8:00 PM (UTC – 4) on Monday to the period starting 8:00 AM today. At the time of writing, the price of BTC is $30,980, which represents a rebound of 5.8% in the last 24 hours.

bitcoin price chart on may 10, 2022
Revitalizing demand for bitcoin boosted its price on the night of Monday, May 10. Source: TradingView.

After six consecutive weeks down, bitcoin reached a new low this year 2022, in which the price has fallen 30.85%. Regarding the historical maximum of November 2021, when it reached USD 69,000, the depreciation of the cryptocurrency reaches 54.1%.

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