This past week, the price of Bitcoin had a considerable drop, of almost 30%, staying at the lowest level since December 2020 – the minimum reached was close to US$ 25,400.
According to Transfero’s technical analysis, the US$29,000 support was broken with significant volume, confirming the bearish trend in the current market scenario. “However, the bullish movement quickly appeared, taking the price to the level above the major support of US$29,000”, noted the analysts.
Source: Trading View
According to Transfero’s team, this downtrend may reverse for the next few days if BTC finds the strength to stay above US$ 29,000 this coming weekend (May 14th and 15th).
According to Transfero’s analysis, the US$ 34,000 range would be the first resistance to be reached in this scenario.
But, it is worth noting that the current global scenario had major falls at the beginning of May, not only in the crypto world. The bear market has been gaining strength in recent weeks, and, as we have seen before, bitcoin ends up being a refuge from the traditional market for a rush for liquidity. Should this drop hold firm, the next major support would be the last ATH of 2017, at the price of US$ 19,667.
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