Bitcoin (BTC), Zcash (ZEC), Ethereum (ETH) and XRP Price Analysis for May 30: Bearish Pressure Emerges
After failing to hold above a number of significant moving averages, Bitcoin is displaying signs of weakness. The most recent daily candles indicate that bearish momentum is starting to pick up steam. Just below the 200-day moving average, which still serves as a significant technical barrier, Bitcoin seems to have lost momentum following a robust recovery from the March lows. A pivotal moment in the recent rally occurred with the rejection in the $81,000-$82,000 range. Although buyers were unable to produce enough volume to maintain the move, Bitcoin momentarily broke above its rising trendline and moved toward long-term resistance. The asset has since rolled over and fallen below the short-term support structure. BTC/USDT Chart by TradingView Bitcoin is currently trading below the 20-, 50-, and 100-day moving averages on the daily chart. After several weeks of rising momentum, the 50-day moving average is starting to flatten, which is even more worrisome for bulls. Bitcoin (BTC), Zcash (ZEC), Ethereum (ETH) and XRP Price Analysis for May 30: Bearish Pressure Emerges JPMorgan Boss on Crypto Bill: ‘We’ll Fight It This usually precedes a deeper correction phase and indicates a decline in trend strength. Additionally, momentum indicators show caution. Reduced buying pressure is reflected in the Relative Strength Indexs