Bitcoin May 5, 2022 – The Collapse?

Bitcoin May 5, 2022 - The Collapse?


And he was late – The day is sharply declining for bitcoin (BTC). Where will the closing level be? Over $ 37,000, in the $ 36,000- $ 37,000 range, or even below $ 36,000?

This Bitcoin price analysis is presented to you in conjunction with Coin Trading and its algorithmic trading solution finally accessible to individuals.

Bitcoin Under $ 37,000: An End to Upward Illusions?

The price of bitcoin opened today, May 5, 2022, above $ 39,000 and then falls below $ 37,000. Bitcoin is trading at $ 36,281 at the time of writing. It currently records a heavy daily loss of 7%.

So wouldn’t Bitcoin have escaped the strong downward pressure following the US Federal Reserve’s announcements of anti-inflation measures? Trader Cheds claims that bitcoin ” falls below 37 K after a bull trap yesterday He points out that it is “a good lesson for those who continue to persevere to combat the trend “.

Technically, can bitcoin rise again to a very short-term horizon to create new upward hopes?

Trader Michaël van de Poppe had stated that bitcoin should be ” regain the level of $ 37.5K to hope for further increases. He estimates that the price of bitcoin will thus be able to try “$ 39,000 again”.

However, if bitcoin fell below $ 37,500, then there would be ” nothing to say about the upside “.

Is there no upside for bitcoin (BTC) below $ 37,500?
Posted by Michaël van de Poppe – Source: Twitter

To assess the strength of the current fall, the price of bitcoin collapsed despite the news that Terra (LUNA) acquired for bitcoin worth about $ 1.5 billion to guarantee its stablecoin, the terraUSD (UST).

While the BTC markets are in the blood, the US Federal Reserve’s announcements have probably benefited the US dollar (DXY. The latter has started to rise again to try again at its highest levels in twenty years.

Is it time to pay much more attention to the strength of the $ 35,000 bitcoin support? Should we also say that any attempt to recover $ 40,000 in the short term would be just a simple uptrend, a bull trap? A daily loss of 7% is certainly impressive, but bitcoin has seen worse. The next few days will allow the bulls’ ability to regain control to be assessed once again, after the bears dance today.

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