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) :
Bitcoin (BTC)
Coinhouse’s Recommendation : Buy
Our Bitcoin recommendation of the week is to buy. It remains to be taken with caution as nothing is yet confirmed on longer timeframes. But the price has been moving since May 20 under a downtrend line that has just been broken up on May 27.
The bullish scenario is therefore: the break of the €8300, ($9,000) level is a buy signal to play first a return on the €8,800 ($9,500)level and then on the €9,200 ($10,000)resistance zone. We’ll see in a second step if this zone is finally broken to continue the long-term uptrend.
Less likely, the bearish scenario remains to be considered: a fake break up of the €8,300 ($9,000) mark would lead to a further correction. The €7,600 ($8,200) support would then be worth watching to try to buy on signals….
Ethereum (ETH)
Coinhouse’s Recommendation : Search for a buy entry point
Ethereum (ETH) lost 3.2% over a week to around €187 ($207) on May 27. We are still looking to buy. Indeed, the price is consolidating in the current range of €185 to €200 ($200 to $220).
The buying scenario: a daily closing above $215 will be our buy signal. The price would then head towards the next resistance zone of €250 ($260), which corresponds to a previous market peak worked in February. Profits can then be taken at this level.
The bearish scenario remains unchanged: if the current price zone strongly rejects the price, we will observe possible signals when we return to the €165-170 ($180-190) support to possibly look for purchases.
Craig Wright, who has been claiming to be Satoshi Nakamoto for several years, has just suffered another disappointment. In the official documents of a trial, he announced that he has funds that worth more than a million Bitcoins on an address list. But a message signed by 145 addresses on that list was posted, and it starts with: "Craig Steven Wright is a liar and a fraud. He doesn’t have the keys used to sign that message." We hope this message helps Craig Wright quickly disappear from the crypto scene, along with his pale copy of Bitcoin, the BSV.
4 million DAIs were created using Bitcoin wrapped (WBTC) by a single user. 9.5 million DAIs are now collateralised by 2625 WBTC. The WBTC, BTC’s representation on Ethereum, is one of the collaterals available on MakerDAO since March 2020. There are now four times more bitcoins circulating on Ethereum than on the Lightning network.
Justin Sun, the founder of Tron, is trying to get rid of the annoying elements of the Steemit community. In 2019, Sun bought the social network Steemit and then took over the blockbuster STEEM. This week, a change in protocol has emptied the portfolios of the previous witnesses, who were previously in charge of network security, and who have always opposed the takeover of the blockchain. We’re talking about 5 million dollars. These issues may show the difficulties in managing a blockchain as proof of the stakes, which can be relatively simple to take control of if the parameters are not sufficiently adjusted. They also show Justin Sun’s expeditious methods, which could have an impact on TRON.
Investors’ attention is drawn to the fact that the content of the articles does not constitute investment advice. Investment in cryptocurrencies carries a risk of total capital loss. For more information, please do not hesitate to contact our customer support department.
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