Bitcoin and ether traded just above key psychological levels on Sunday night, as the global cryptocurrency market cap rose 3% to $1.3 trillion.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 2.7% | -2.65% | $30,247.14 |
| ether ETH/USD | 3.2% | -4% | $2,040.33 |
| Dogecoins DOGE/USD | 1.7% | 5.95% | $0.09 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| IoTeX (IOTX) | +17.5% | $0.044 |
| TerraUSD (UST) | +14.5% | $0.065 |
| Convex finances (CVX) | +11.3% | $10.64 |
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Why it matters: Over the weekend, the two largest cryptocurrencies by market cap posted marginal gains, but Bitcoin and Ethereum are still struggling near the $30,000 and $2,000 levels, respectively.
Cryptocurrencies continue to dog stock markets, particularly the S&P 500, which slipped into bearish territory on Friday. At press time, futures on the S&P 500 and Nasdaq are up 1% and 1.25%, respectively.
Investors will be on the lookout for a string of gains from the retail sector in the coming week after lackluster results target company TGT last week.
Investors can expect some volatility to flow into the cryptocurrency side due to the volatility of stocks.
“The S&P 500 is down over 20% from the January high and it appears the technical selling is only going to accelerate,” he said Edward Moyaa senior market analyst at OANDA.
“Bitcoin remains a risky asset and is trending lower after the S&P 500 plunged into the bear market,” Moya wrote in a note seen by Benzinga.
glass node co-founder Jann & Jann tweeted that Bitcoin is trading like the “most sensitive” S&P500 sectors. They noted that the S&P 500 and Nasdaq could be heading for an eighth straight weekly loss.
The effect of rising prices is beginning to hit. #BTC is trading like the most sensitive SP500 sectors.
$SPX and $NDX brace for seventh consecutive week of losses. #Bitcoin could be celebrating its 8th week.
See for yourself https://t.co/6l2GtLazpS pic.twitter.com/rNHTDMoT3m
— Negentropic (@Negentropic_) May 20, 2022
Sentiment among cryptocurrency investors remains somber as Alternative.me’s Crypto Fear & Greed Index read Extreme Fear at press time. Last week the Index also showed Extreme Fear.
cryptocurrency trader Michael van de Poppe Noting Bitcoin’s price action over the weekend, saying the top coin had a “great breakout” in the $29,300 area, which led to a run towards $30,200, which acted as resistance. He expects “consolidation now”.
Still good on #Bitcoin.
Big breakout in the $29.3k area, which resulted in a run towards $30.2k which turned into resistance (as revealed in the previous tweet).
consolidation now.
Break would mean $31.1k and possibly $32.8k + #altcoin momentum. pic.twitter.com/Ia9svBR3Lf
— Michaël van de Poppe (@CryptoMichNL) May 22, 2022
Separately, Van de Poppe said on Twitter that the “week ahead is going to be massive.”
Van de Poppe also said the coming week would be “massive”.
Read Next: Crypto Analyst Predicts 6-8 Months Downside for Bitcoin: Get Ready for the $11,000 Bottom
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