Bitcoin May 26, 2022 – The Last Fall

Bitcoin May 26, 2022 - The Last Fall

The end of surrender? Bitcoin (BTC) continues to trade below $ 30,000. If traders and analysts agree on the upcoming rise, new local lows should be expected before any recovery.

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Bitcoin under $ 30,000: Bull trap now, bull reversal later?

The price of bitcoin is approaching $ 28,000 today, May 26, 2022. He then recovers $ 29,000. bitcoin trades for $ 29,427 at the time of writing. It currently records a daily loss of 1.12%.

For businessman Michael van de Poppe bitcoin continue focus on $ 32,800 and $ 35,000 Is today’s reflection proof of the resilience of bitcoin, which would actually be ready to regain levels above $ 30,000?

Trader il Capo of Crypto believes that this reflection could be ” the last bull trap before $ 25,000 This analysis is based on the observation of the order book.

Il Capo of Crypto – Source: Twitter

On-chain analyst Root has a more optimistic view. He shared what he feels ” the most important graph in bitcoin currently “.

Root points out that the markets have been treated and surrender of long-term bitcoin holders (LTH) “over the last few months”. This surrender resulted in a “rapid decline in basic LTH costs.”

The base price of LTH is the average purchase price at which long-term holders bought their bitcoins. The decline in this cost base shows that newer long-term holders have sold their bitcoins at higher prices.

the end of the surrender of long-term bitcoin holders (BTC)?
Root post – Source: Twitter

However, Root sees a recent increase in these basic costs. This increase would be the first sign that LTH may have stopped surrendering This signal is certainly early, but the markets have “finally changed the trend.”

The price of bitcoin may start to rise again, but based on Root’s analysis, it is difficult to predict whether this sustainable growth will occur in the coming days, weeks or months.

The Fed has so far failed to inflict bitcoin on the final blow. However, the bulls’ agenda remains unclear.

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