Bitcoin price, on Wednesday, shows that bears are attempting to put BTC into a close last seen in early January 2021. Ethereum price threatens to touch a new lowest 2022 and 10-month close. XRP price action tested the $0.50 as resistance but could not break it.
Bitcoin price action during the New York trading session has been decidedly weak. As risk-on markets across the globe show renewed selling, BTC has followed suit. As a result, nearly all of the gains made from last Friday’s (May 13) close have been eliminated. As a result, bears could push BTC to the lowest close since January 1, 2021.
The only immediate support structure for Bitcoin on the daily chart is the Tenkan-Sen \u2013 which has a marked slope down. Bulls have made several attempts to maintain a daily close above the Tenkan-Sen over the past five days, but results have been mixed.
If bulls want to mitigate any further near-term bearish price action, Bitcoin price will need to close at or above the high volume node in the 2022 Volume Profile at $31,700. If that scenario comes true, then the path to $40,000 becomes much easier because the volume profile is between $31,700 and $40,000.
Downside risks for Bitcoin price may be substantial. Below the 2021 and 2022 lows is a near-total absence of traded price action. However, the next high-volume node does not appear until the 2020 Volume Profile near $22.500. And below that, $19,000. Even further is the 2020 Volume Point of Control at $10,000.
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Bitcoin price, on Wednesday, shows that bears are attempting to put BTC into a close last seen in early January 2021. Ethereum price threatens to touch a new lowest 2022 and 10-month close. XRP price action tested the $0.50 as resistance but could not break it.Bitcoin price action during the New York trading session has …<\/p>\n","protected":false},"author":13,"featured_media":53219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[6904,6905,6922],"class_list":["post-65638","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-bitcoin","tag-ethereum","tag-xrp"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/65638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=65638"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/65638\/revisions"}],"predecessor-version":[{"id":65642,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/65638\/revisions\/65642"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/53219"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=65638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=65638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=65638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}