Last week, BTC created another bearish candlestick. The decrease took it to the $30,000 support area that was created in January 2021.
The price has recovered slightly since and is attempting to reclaim the $34,300 area. This is the 0.5 Fib retracement level of the entire previous upward movement. It has yet to reach a close below this level amid the current correction.
However, technical indicators are decisively bearish. The RSI has crossed below 50 while the Stochastic oscillator has made a bearish cross. Furthermore, the MACD is close to turning negative.
Between May 13 and May 24, the total crypto market cap fell from an all-time high of $2.55 trillion to a local low of $1.28 trillion. Amid some slight recovery, the market cap has bounced back to $1.52 trillion at the time of press.
While most cryptocurrencies in the top-100 are in the green today, none are doing better than Maker (MKR). At the time of press, MKR is up 46% on the day and trading for $3,500. Polygon (MATIC) is hot on its heels, however, seeing a 43% gain. Only a handful of altcoins are still struggling today. Revain (REV) is seeing the worst. REV is down a further 11% on the day making for a total 59% loss in the past week.
In other crypto news
- Flash loan attacks on decentralized finance (DeFi) protocols have come thick and fast over the past few months. The latest to fall victim is Bogged Finance.
- BTC.TOP and HashCow announced the suspension of their businesses in China. BTC.Top cited regulatory risks, while crypto miner HashCow said it would halt buying new Bitcoin rigs.
- South Korea’s central bank is planning to conduct a mock test on the functionality of a central bank digital currency (CBDC).
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