Bitcoin at highs since before Terra debacle and aims to break $32,000
By Noemi Jansana / Alejandra Zamora
Date: Tuesday 31 May 2022
(Sharecast News) - The final momentum of the stock market rally finally lifted Bitcoin (BTC), as it reached a high of almost $32,000 on Monday, according to data from CoinMarketCap, prices not seen since before the Terra debacle and the collapse of UST and LUNA. Technical analysis indicates that it should comfortably surpass this price level to continue the upside to at least $35,000.
The queen of cryptos was up more than 9% late Monday as bulls pushed the price higher after a nice breakout earlier in the day.
The BTC price neared intraday highs above $32,000 (BTC/USD hit highs of $32,195.68 on Bitstamp) and with the price currently at $31,600 (up more than 7.3% in the past 24 hours), the flagship cryptocurrency is at its best mark in the past three weeks. As for the rest of the market, Ethereum is up to nearly $2,000, after leaving a high above this price level on Monday. Total capitalization exceeds $1.3 trillion.
A daily close above $30,000 means BTC could continue to test resistance levels last seen in early May.
The major cryptocurrency's rally follows last week's close at $29,600, its ninth consecutive week down. However, after rallying alongside U.S. equities, that also snapped an eight-week losing streak, BTC continued higher after a weekend in which it held support at $29,000.
According to data from CoinGecko, Bitcoin/dollar is now positive by nearly 5% on the week and 1.5% over the past two weeks.
While the market is watching for signs of strength, cryptocurrency analyst Michael van de Poppe stated that a break above $31,100 opens the way to test resistance at $32,800. That would put Bitcoin at price levels last seen in early May, when a falling market watched Bitcoin plummet from highs near $40,000 to lows of $26,600.
In fact, "On the upside and to think about sustainable upside, you have to break above $35,000 to try to attack $40,000," commented Javier Molina, analyst at eToro.
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