Bitcoin: Weekly Forecast 20210530
Bitcoin continues to face selling pressure throughout the week and volatility has shrunk to an all-time low.
As much as bitcoin is heavily discounted, conviction to buy bitcoin remains in a slumber amid heavy criticism from big crypto influencers such as Elon Musk and the constant crackdown of crypto mining in China.
The crypto market is expected to remain range-bound for a good few months with a higher probability of slipping even lower.
There will be, however, some buyers trying to buy the low at this point and the price may get a temporary rebound.
This week, we will continue to look for selling opportunities, firstly at 38600, followed by 41000.
As much as bitcoin is heavily discounted, conviction to buy bitcoin remains in a slumber amid heavy criticism from big crypto influencers such as Elon Musk and the constant crackdown of crypto mining in China.
The crypto market is expected to remain range-bound for a good few months with a higher probability of slipping even lower.
There will be, however, some buyers trying to buy the low at this point and the price may get a temporary rebound.
This week, we will continue to look for selling opportunities, firstly at 38600, followed by 41000.
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