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BITCOIN HIKE BY 2.18% TO LOG A FIFTH DAILY GAIN

BITCOIN HIKE BY 2.18% TO LOG A FIFTH DAILY GAIN

bitcoin (BTC) gained 2.18%. To slow the slowdown to 6.27% slide since Wednesday, bitcoin ended the day with $ 30,440.


A mixed start saw bitcoin drop to a low morning level of $ 29,574 before gaining support.


Withdrawal from the Great Levels of Support for the day, bitcoin has risen to a very high Intraday of $ 30,647.


However, failing to reach the First Level of Great Resistance at $ 31,389, bitcoin dropped to $ 30,500.


The lack of regulatory dialogue has left bitcoin and the broad crypto market in the hands of equity markets in the US. The NASDAQ meeting presented support for the afternoon session.


Bitcoin Fear & Greed Index Sends Bearish Signal

Today, the Fear & Greed Index dropped from 13/100 to 10/100 despite the return of bitcoin to $ 30,000.


While deep in the "Extreme Fear" area, the index held above May is below 8/100.


Legal uncertainty and investor uncertainties regarding economic outlook, inflation, and Fed monetary policy remain markets.


On Friday, US nonfarm payroll (NFP) figures for May could determine the Fed's interest rate trend until September. So, we expect bitcoin sensitivity to Friday’s figures.


Disappointing US nonfarm payment figures from the ADP brought the NASDAQ to support on Thursday. According to the ADP, non-farm payrolls increased by 128k in May, which is short of the predicted increase of 300k. In April, US non-farm payrolls increased by 211k.


The latest 24-hour completion figures have shown a significant improvement in investor sentiment.


According to Coinglass, the 24-hour BTC closure stood at $ 117.21 million, down from $ 350 million, and $ 0.459 million in the last hour.


Bitcoin (BTC) Price action

At the time of writing, BTC had risen 0.04% to $ 30.453.


Bitcoin rose to $ 30,490 to test resistance at $ 30,500 earlier in the day.


Technical Indicators

BTC will need to avoid a $ 30,220 pivot to direct the First Level of Great Resistance to $ 30,866.


BTC will need a wider crypto market to support it to come out at $ 30,500.


The expanded conference will test Second Level Resistance at $ 31,295 and resistance at $ 32,000. Third Major Resistance Level sits at $ 32,366.


Falling in a pivot will test the First Big Support Level at $ 29,791. Apart from other extended sales, BTC should avoid levels below $ 29,000. Second Level of Great Support at $ 29,145 should limit the decline.


If you look at the EMAs and the 4 hour candlestick chart (below), it is a bearish signal. Bitcoin sits at the 100-day EMA, currently at $ 30,271. 50 days reduced to a 100-day EMA. The 100-day EMA closes with the 200-day EMA, a good BTC.


Passing on the 100-day EMA will support a run of $ 32,000. Friday payments that are not US farms can prove the key.

Source: yahoo




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