Technical analysis

Bitcoin, a nice consolidation below $10,000

Julien Moretto – 27 May 2020

Although Bitcoin has fallen by around 6,3% over the last seven days, the price fluctuations observed in recent days are looking like a consolidation. Bitcoin is trading around €8,350 ($9,100) on May 27. Given the uptrend initiated since mid-March, the recent price action cannot be interpreted as a bearish reversal at this stage.

The main altcoins are still correlated with Bitcoin, Ethereum and XRP are not making significant movements either. As always, some values benefit from sudden pump, like Theta Network (THETA) which performs a rally of more than 100% in one week. The correlation with the equity markets becomes less obvious, with the main indexes continuing their bullish momentum while Bitcoin is taking more of a break. Analysis.

  • According to CoinGecko, market capitalization is down in one week to $256 billion from $259 billion seven days ago.
  • Bitcoin’s dominance fell slightly to 65.6% from 66.7% last week.
  • The altcoin Theta Network (THETA) offers the best performance of the top 50 with +103% over the week.
  • One bitcoin holder just moved 40 mined bitcoins in February 2009, one month after the launch of the network, which had not been moved since.

We invite you to discover our full analysis in video (recorded on may 26, in french) :

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