Bitcoin (BTC) Price Avoids Major Drops as Bulls Help Rebound

Bitcoin (BTC) Price Avoids Major Drops as Bulls Help Rebound
  • Several positive variables currently point to an increase in the cryptocurrency’s value.
  • The S&P 500 and the Nasdaq were both up 2.2% and 3.3%, respectively.

BTC was unable to break through $31,000 at the opening of Wall Street on May 13 as fresh warnings predicted that the downward trend would continue. BTC is currently trading in the $30K range, 4.73% up in the last 24 hours.

BTC/USDT: Source: TradingView

According to CMC data, after briefly approaching $31,000 earlier in the day, BTC seemed to be stabilizing. The S&P 500 and the Nasdaq were both up 2.2% and 3.3%, respectively, at the opening bell. Elon Musk’s decision to suspend his takeover attempt for Twitter impacted the stock’s performance since it was trading in the negative.

Bullish Momentum Around the Corner

A weakening dollar accompanied the restored momentum of the stock market, with the US dollar index (DXY) falling from new twenty-year highs to drop by 0.2%, which has historically been good news for Bitcoin and risk assets in general. However, when Bitcoin’s price began to recover after the Terra Luna explosion, several experts remained skeptical about how long it would take for the cryptocurrency to recover.

With a break of $32,500, Bitcoin (BTC) price expert Michael van de Poppe and The Wolf of All Streets think it may recapture its previous $34,000 high. Several positive variables currently point to an increase in the cryptocurrency’s value by over $32,500.

BTC’s 9-day moving average indicates that the price might continue to rise. Bitcoin (BTC) is now trading above the 50-MA and above the RSI level of 61. As a result, the current price of Bitcoin is expected to rise. This was a great chance for institutional investors to take advantage of the downturn. The net inflow of 6,900 BTC into Canada’s Purpose Bitcoin ETF yesterday was the highest ever recorded.

A devoted content writer having 3 years of crypto trading experience. Loves cooking and swimming. Stays up to date with the latest developments on blockchain technology.