The United States stock markets are trying to recover on reports that the debt ceiling talks are showing promise and a debt default may be avoided. However, the same enthusiasm is not seen in the cryptocurrency markets. Bitcoin (BTC) slipped back below the $27,000 support on May 17, indicating that buyers are struggling to sustain the relief rallies.
Institutional investors seem to be booking profits due to the macro uncertainty. CoinShares’ Digital Asset Fund Flows Report shows a total outflow of $200 million from digital asset investment products in the past four weeks.
While the short-term picture remains negative, the chart structure on Bitcoin has not been broken. Bitcoin has corrected about 15% from its local high of $31,000 made on April 14, but it remains above $25,000, indicating that the weakness is looking like a corrective phase in a bull move.
What are the important support levels that the bulls need to hold to launch the next rally in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin’s recovery stalled at the 20-day exponential moving average (EMA) at $27,694 on May 15, indicating that the sentiment remains negative and the bears are selling on rallies.
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Author: Rakesh Upadhyay
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