The world’s largest crypto by market cap has come off the back of four straight months of gains - its longest streak in over two years.
However, it kicked off the new month by falling 5.67% on May 1st to drop below a widely-followed technical indicator - the 50-day simple moving average (SMA).
Bitcoin is now attempting a recovery at the time of writing, straining back towards its 50-day SMA.
According to Bloomberg data, after Bitcoin notches a 4-month winning run, what tends to follow is eye-watering: a 260% surge over the ensuing 12 months.
Markets are forecasting that this week’s 25-basis point rate hike by the Fed will be the last hike in this cycle.
If the Fed confirms that it’ll pause its rate hikes after this week, while leaving the door for rate cuts later this year, that may translate into a fresh boost for Bitcoin bulls.
Markets expect 180,000 new jobs were added to the US labour market in April, while the unemployment rate ticked up slightly higher to 3.6% (compared to 3.5% in March).
A stronger-than-expected showing in the jobs market may pave the way for even more Fed rate hikes, which could send shudders down the spines of crypto aficionados.
Although Bitcoin has shown the tendency to shrug off such tier-1 events on the macroeconomic calendar, of which there are plenty this week, upcoming developments may yet offer fresh catalysts for another shot at $30k Bitcoin.
Otherwise, it’s a long way down to its 100-day SMA around the $25k mark.
It remains to be seen whether or not Bitcoin’s recent gains marks a sustained reversal from the series of lower highs and lower lows since mid-April, or whether it’s merely a false break.
30 May 13:30
Litecoin is boasting a month-to-date advance of 2.5% at the time of writing, faring better than the likes of Bitcoin, Ether, and other larger cryptos, which have dropped so far in May.
23 May 14:55
Bitcoin is now stuck in a downtrend, having posted a series a lower highs and lower lows so far this month.
16 May 15:14
After making a run towards the $30k mark, a possibility cited in our crypto article last week, Bitcoin has since slumped.
9 May 11:58
There's a better website for you
A new exciting website with services that better suit your location has recently launched!
Sign up here to collect your 30% Welcome Bonus.