Home Exchange Crypto Technical Analysis Report |19th-May-2023

Crypto Technical Analysis Report |19th-May-2023

Crypto Technical Analysis Report |19th-May-2023

Bitcoin and other major crypto tokens continued to weaken on Friday, ahead of a low-volume weekend. Much weighs heavily on Bitcoin, and macroeconomic uncertainty continues to plague traders. Concerns over a debt ceiling easing are also weighing on crypto sentiment. Bitcoin continued to weaken as the largest crypto token tumbled around 2 percent and fell below the $27,000 mark .Ethereum, although down, retreated just over a percent and managed to hold at a level of $1,800. Crypto markets experienced mild selling pressure in the last 24 hours. The Crypto Fear and Greed Index is down 3 points and is currently in neutral territory at 48 points. This indicates excessive caution on the part of investors. With the exception of XRP and USD-pegged stablecoins, all other major crypto tokens traded lower on Friday. The global crypto market cap dropped to $1.12 trillion, and total trading volume fell by as much as 5 percent to $31.91 billion. The technical indicators like RSI and MACD signaled a bear market.

Bitcoin has been trying to break the $27,500 resistance for the past week but could not. One of the reasons Bitcoin’s advantage is being limited is the risk of a possible US default as the government struggles to get the debt limit…

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