Title: Bulls Come Together for BTC Opportunity Following Drop to $29K

May 24, 2022 04:37AM ET

By: AnalysisWatch

The price of Bitcoin (BTC) has fallen to $29,344.80 in the last 24 hours, down about 2.57%, according to CoinMarketCap.

Over the last 7 days, the price of BTC has also dropped slightly, by about 3.36%. The 24-hour price movement of BTC has added to the loss over the last 7 days.

As for the performance of BTC against Ethereum (ETH), BTC has lost value against ETH. At the time of writing, 1 BTC/ETH coin is worth 14.77. This represents a 0.56% decline against Ethereum.

On CoinMarketCap's list of the largest cryptocurrency projects by market cap, BTC currently tops the list with a market cap of $559,120,371,092. BTC's daily trading volume is a statistic that has increased over the last 24 hours, as trading volume for BTC has increased by 41.54%. BTC has a 24-hour trading volume of $32,049,250,444.

The 4-hour chart for BTC/USDT shows how the price of BTC briefly crossed the $30K resistance/support line. However, as has been the case in recent weeks, the BTC price was unable to hold above the $30K line for long as investors and traders pushed BTC down to $29K.

The bulls immediately seized the opportunity, as there had already been a small upward movement in the last 4-12 hours. The RSI has also dropped well below the RSI SMA line, but seems to be approaching the RSI SMA again in this short move. Are the bulls making another attempt to test resistance at $30K? The RSI and the buying volume of the last 3 candles suggest so.