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Bitcoin holds a bounce after weekend drag

24 May 2021

The chart still isn’t looking pretty though

Bitcoin D1 24-05
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Bitcoin is up about 8% to around $36,400 currently as it holds a light bounce after the drop over the weekend, which saw a low of $31,111. For now, sentiment does not appear too favourable but things can turn 180° at a snap of a finger in cryptos.

That said, the technicals also don’t really work in favour of buyers at the moment with price sitting on the edge of the 50.0 retracement level at around $34,378.

The daily close has not broken that yet but the break below $40,000 and the 200-day moving average (blue line) in itself is already a relatively poor sign all things considered.

As long as price action rests below those two key levels, sellers are still in the driver’s seat now and it may be tough to sustain any light bounce from hereon.

From two weeks ago: