Bitcoin rally reverses past three-week losses in one day

Key facts:
  • Bitcoin price on Monday 30th passed this closing price on May 10th.

  • Since the local low on May 27, the bitcoin price has recovered 11.2%.

The rally in the price of Bitcoin (BTC) on Monday, May 30, which closed at $31,779, managed to reverse the decline in the past three weeks and surpassed the closing price of last Tuesday, May 10, of $31,041.

The minimum price of bitcoin in the past three weeks was recorded on May 27 and was 28,572, so the recovery recorded from the mentioned low until Monday was 11.2%. At the time of writing, with a slight recovery over the past 24 hours, Bitcoin is at $31,789.

For more than two weeks, the price of Bitcoin has reached relative stability, with fluctuations around $29,000, although it did not manage to break the $30,000 resistance, as reported by CriptoNoticias. This Monday, Bitcoin price crossed $31,000 and It got close to $32,000, before closing the day very close to $31,800.

Bitcoin price.
Bitcoin is now trying to break above the $32,000 mark. Source: TradingView.

Even after posting a negative record for nine consecutive weeks of declines, the recovery of the past few days is helping to revitalize the market. As can be seen from the graph, The maximum trading volume in May occurred on the 12th of this monthBitcoin touched $25,000, hitting an annual low. After this peak, the volume steadily decreased.

The increase in the price of Bitcoin led to a large liquidation of short positions on Sunday 29, valued at $288 million, the third largest deal in May.

This Monday, there was a significant drop in short settlements, which amounted to $43 million, which means that Dealers exchanged their bets lower By taking more long positions. In the past 24 hours, total liquidations have risen to $339 million, according to figures.

As Bitcoin price improves, so does cryptocurrency market cap It rose 2.9% in the last 24 hoursIt is worth $1,305 billion at the time of writing this article. The figure shows a decline of 40.8% compared to the beginning of the year, when the cryptocurrency market cap was above $2.2 trillion.

Leave a Reply

Your email address will not be published. Required fields are marked *