By William Suberg (Cointelegraph)
Bitcoin (BTC) remained higher on May 30 as gains earlier in the week saw BTC/USD hold on to $30,500.
1-day BTC/USD candle chart (Bitstamp). Source: TradingView
$32,000, $35,000 tagged as lines in the sand.
Data from Cointelegraph Markets Pro and TradingView showed that BTC had consolidated around $30,600 at the time of writing after hitting a high of $30,900 on Bistamp.
Market analysts suggest the possibility of a breakthrough in the range, as this is the best result since May 16.
“Bitcoin is finally moving up,” Cointelegraph contributor Mikael van de Poppe said on Twitter.
“A little more consolidation and we are ready to break further up where the resistance is 32.8 and 35 thousand dollars. At the moment when the market reaches $ 35 thousand, I expect everyone to become bullish, “said an analyst at Rekt Capital.
Meanwhile, van de Poppe singled out an area near the week’s close on May 29 as a key support to hold. However, this weekly close marked the ninth straight red candle for BTC/USD.
Taking a conservative view, the TXMC Trades trading account was unsure of Bitcoin’s ability to break the range, while U.S. markets were closed for the Memorial Day holiday.
No upside prospects for stocks.
Ahead of the markets “return on May 31, doubts also persisted about the true momentum behind their newfound strength, which emerged last week.
Commenting on the S&P 500’s fortunes, trader and analyst Pentoshi admitted he doesn’t see much upside.
“I think we’re getting closer to growth by being limited to the red-framed SPX after we got that lovely low swing on the weekly chart,” he said along with a chart showing targets.
“I very much doubt that this can keep the momentum going (only gives the Fed more reason to tighten).”
The US dollar index (DXY) retreated for another day, breaking below 101.5 for the first time since late April.
U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingView
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