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BTC Price Breaks Past $30K as Market Rallies in the Last 24 Hours
Published May 31, 2022 03:29AM ET
© Reuters. BTC Price Breaks Past $30K as Market Rallies in the Last 24 Hours
- Bitcoin (BTC) posted 3.77% gains in the last 24 hours, taking its price above the key $30k level to $31,633.27.
- BTC’s price is also up over the last seven days and has risen by 7.73% in the last week.
- BTC may fall below $30K if bulls are unable to maintain the current price level between the 20 and 50 EMA.
Bitcoin (BTC) posted 3.77% gains in the last 24 hours, taking its price above the key $30k level to $31,633.27, according to CoinMarketCap. BTC’s price is also up over the last seven days and has risen by 7.73% in the last week.
The price of BTC is nearer to its 24-hour high of $31,949.63, with its low sitting around $30,329.25. However, its price has weakened against Ethereum (ETH) by around 0.49% at the time of writing. At the moment, 1 BTC coin is worth around 16.01 ETH.
Ranked number one on CoinMarketCap’s list of the largest cryptocurrency projects by market cap, BTC’s market cap currently stands at $602,741,661,662. The daily trading volume of BTC has seen a substantial increase of 59.81% in the last day. This takes the total 24-hour trading volume to $38,209,222,459.
Looking at the daily chart for BTC/USDT, the price of BTC has risen above the 20 EMA line – a line that has been acting as resistance for the coin since mid-April. This is also around the time the 20 EMA crossed below the 50 EMA, which is a bearish flag. According to the chart, the bearish play did occur shortly after the 2 EMAs crossed.
The RSI line also recently crossed high above the RSI SMA line as BTC’s price broke above $31k. However, the RSI now looks to close the gap between itself and the RSI SMA line. BTC may fall below $30K if bulls are unable to maintain the current price level between the 20 and 50 EMA, as the two EMA lines still indicate that bears have the upper hand.
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