AssetsMay 05, 2023

The price of Bitcoin oscillates around $ 30,000. What's next for the BTC and ETH exchange rate?

Will historical data on the price of the largest cryptocurrencies help predict their value in the near future?

After a very successful January and March on the BTC market, April brought calm, and the increase in the quotations of the oldest cryptocurrency in relation to USD amounted to only 2.67%. It is worth noting that in March it was over 23%. Everything seems to indicate that the BTC/USD rate has reached a potential resistance zone slightly below the USD 31,000 level, where the largest of the cryptocurrencies reversed in mid-April. Some cryptocurrency market analysts indicate that maybe only exceeding USD 31,500 could open the way for Bitcoin to higher levels, where the next potential resistances may be around USD 38,000 - 40,000.

Bitcoin is stuck below $30,000

Analyzing the current data from the quotation charts of the oldest cryptocurrency, it can be concluded that the potential support may be at the level of USD 27,000 - 26,500, and its possible crossing could open the way towards USD 22,000. From the point of view of the situation on the BTC/USD chart, it can be said that the market, after an earlier increase, got stuck in consolidation (in a sideways trend).

At this point, it should be added that the situation on the stable coin market is still interesting, where USDT capitalization is constantly growing week by week and currently amounts to almost USD 82 billion. The previous ATH was in May 2022 and amounted to USD 83.209 billion. An interesting fact is that at the same time the capitalization of the competitor of the aforementioned stable coin, i.e. USDC, is falling. The market value of this coin is $30.143 billion this week. In this case, USDC was at its peak in June 2022 when its capitalization was almost USD 56 billion. Gradually but consistently, the capitalization of BUSD also continues to decline, approaching USD 6 billion from over USD 20 billion at the end of 2022. Significant changes in the stable coin market are therefore still ongoing.

The Ethereum exchange rate is getting closer to the support level

Returning to the most important events on the main cryptocurrencies, one cannot fail to mention the situation on the ETH/USD exchange rate. In this case, the quotations of the second oldest cryptocurrency dropped sharply from USD 2,150. The shape of the monthly April candle definitely does not fill analysts with optimism due to the fact that the candle's closing point is close to its opening point.