Bitcoin and Ethereum traded just a bit above key psychological ranges on Sunday night, as the worldwide cryptocurrency market cap rose 3% to $1.3 trillion.
|Cryptocurrency||24-Hour % Change (+/-)||Value|
|Convex Finance (CVX)||+11.3%||$10.64|
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Why It Issues: The weekend noticed the 2 largest cryptocurrencies by market capitalization submit marginal beneficial properties, however Bitcoin and Ethereum are nonetheless struggling close to the $30,000 and a pair of,000 ranges, respectively.
Cryptocurrencies proceed to trace inventory markets, notably the S&P 500, which slipped into bear territory on Friday. At press time, futures within the S&P 500 and Nasdaq have been up 1% and 1.25%, respectively.
Traders will hold an eye fixed out for a slew of earnings from the retail sector within the week forward, following lackluster results from Goal Corp TGT final week.
Traders can count on some choppiness flowing into the cryptocurrency aspect attributable to volatility in equities.
“The S&P 500 has misplaced over 20% of its worth from the January excessive, and plainly technical promoting will solely speed up,” mentioned Edward Moya, a senior market analyst with OANDA.
“Bitcoin stays a dangerous asset and headed decrease after the S&P 500 fell into bear market territory,” wrote Moya in a be aware, seen by Benzinga.
Glassnode co-founders Yann & Jann tweeted that Bitcoin is buying and selling just like the “most delicate” S&P500 sectors. They famous that the S&P 500 and Nasdaq could possibly be heading into an eighth straight weekly loss.
The impact of rising costs is beginning to hit. #BTC is buying and selling like essentially the most delicate SP500 sectors.
— Negentropic (@Negentropic_) May 20, 2022
Cryptocurrency investor sentiment stays bleak as Different.me’s “Crypto Concern & Greed Index” flashed “Excessive Concern” at press time. Final week, the index indicated “Excessive Concern” as effectively.
Cryptocurrency dealer Michaël van de Poppe famous Bitcoin’s worth motion over the weekend and mentioned the apex coin had a “nice breakout” on the $29,300 space, which led to a run in the direction of $30,200, which acted as a resistance. He expects “consolidation now.”
Nonetheless good on #Bitcoin.
Nice breakout on the $29.3K space, leading to a run in the direction of $30.2K, which turned resistance (as disclosed within the earlier tweet).
— Michaël van de Poppe (@CryptoMichNL) May 22, 2022
Individually, Van de Poppe mentioned on Twitter that the “Coming week can be large.”
Van de Poppe additionally mentioned the week forward would “be large.”