X Hander Daan Crypto’s senior market analysts analyze interesting insights into the current Bitcoin market structure. In its latest post on May 16, Daan Crypto provides some technical pointers for BTC investors, while highlighting potential fundamental developments that could impact the Prime Minister’s cryptocurrency price action.
Bitcoin’s momentum over ATH key
In a major breakthrough for investors, the U.S. and China have agreed to a 90-day pause on the recent steep tariffs, aiming to eliminate an imminent trade war between the world’s two largest economies. The news triggered a surge in market confidence, with more than $600 billion flowing to global financial markets.
According to Daan Crypto, the price of Bitcoin after this development has risen dramatically, even exceeding the price of the U.S. stock market, trading at almost $106,000. However, the price increase of cryptocurrency assets has stalled, with markets entering the range between $101,000 and $105,000, while the stock market prices continue to grow.
Bitcoin’s current market price is around $103,000, and its price level is below its all-time high at $109,000. Daan Crypto explained that the Prime Minister’s cryptocurrency must exceed this ATH level and enter price discovery to rediscover bullish momentum to obtain a long-term uptrend. Unless this development, market experts predict that BTC may remain in consolidation for the foreseeable future.
$90K support zone is crucial to BTC bull structure – Analyst
Among other developments, Daan Crypto has chosen $90,000 as a key support level for the current market uptrend. The analyst said a decline below this price would create a bearish signal that Bitcoin has left its bullish range and could experience a significant decline.
It is worth noting that since the price of BTC rebounded in mid-April, the price has fallen below $90,000. Daan Crypto noted that as long as the Virgin cryptocurrency maintains the support zone, investors can be “cautiously bullish”.
However, the well-known market expert also pointed out that Bitcoin showed a great weakness compared to the stock market compared to a month ago, when its price was 20%-30% lower than the current market. In the current situation, Bitcoin may follow the stock market, and last month, Bitcoin soared 30%-50% last month.
At press time, the leading cryptocurrency continued to trade at $103,509, reflecting a 0.51% decline in the past day.
Featured images from Istock, charts for TradingView
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