Wall Street open and bitcoin price coma before as the market seems to be trying to recover

Bitcoin (BTC) remained stuck at $ 30,000 on May 23 as early Wall Street trading failed to stimulate volatility.

1 hour candle chart of the BTC / USD pair (Bitstamp). Source: Trade View

Will bitcoin change before “real breakout”?

Data from Cointelegraph Markets Pro and TradingView showed the BTC / USD pair staying in a narrow trading range that had been in place since before the weekend.

The pair closed the week on their eighth consecutive red candle, a record low amid a complete price trajectory.

Amid agreement that the macroeconomic floor had not yet been reached, bullish BTC price forecasts were rare on the day.

For Chain Monitoring Resource Content Indicators, however, there were signs on the day that market participants were reaping the advantage before any capitalization.

“The TA looks good, the market is trying to rally and the indicators are focusing a lot, but that does not mean that it has to go as you think,” he said. tweeted.

“FireCharts show resistance at ~ $ 30.7k and more stacked at ~ $ 32k. BTC could expand before a real outbreak. ”

The buying and selling levels are identified in the accompanying chart in the order book of the main Binance exchange.

*BTC / USD (Binance) order book details. Source: Content Indicators / Twitter*

In a previous post, there is a Content Scientist creator admit he did not think that bitcoin was even lower, when technical indices still showed additional gains.

New #BTC Weekly Candle is closed as a Bullish Hammer candlestick$ BTC #Crypto #Bitcoin pic.twitter.com/S9Q3aiI4Er
– Rekt Capital (@rektcapital) May 23, 2022

The new weekly #BTC candle was closed as a bullish hammer candle $ BTC #Crypto #Bitcoin pic.twitter.com/S9Q3aiI4Er – Rekt Capital (@rektcapital) May 23, 2022

The weekly chart after the close supported the bullish thesis, which the popular trader and analyst Rekt Capital noted gave an encouraging formation.

The DXY extends its decline

Macroeconomic conditions were set at signals from the US during the day, as President Joe Biden’s China’s trade tariff easing plan accelerated markets ahead of the opening.

See also: Biggest fall since July 2021 – 5 things to know about bitcoin this week

At the time of writing, the S&P 500 was up 0.66%, while the Nasdaq 100 also avoided further losses.

As another increase in risky assets, the strength of the US dollar also continued to decline, with the US dollar (DXY) index falling further from its 20-year highs.

*US Dollar Index (DXY) day chart chart. Source: Trade View*

“The DXY deviation extends further down. Expect lower if 104 cannot be recovered,” he said. said commentator Johal Miles.

Analyst Kevin Svenson, meanwhile, said stocks will determine the next direction for BTC / USD.

“BTC is 1 or 2 days away from giving us some fireworks,” he said. tweeted.

“Which way will this go? … the stock market will determine the fate of bitcoin.”

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. All investment and business transactions involve risk. You should do your own research before making a decision.