Has Bitcoin reached the bottom? – FXStreet

Alexander Kuptsikevich Alexander Kuptsikevich
FxPro Financial Services Limited

Bitcoin is down 9.4% over the past week, ending at around $31,000. Ethereum lost 16.1%, while other leading altcoins in the top 10 fell from 13.9% (Binance Coin) to 25.4% (Solana).
The total capitalisation of the crypto market, according to CoinMarketCap, sank 15% over the week to $1.30 trillion. The bitcoin dominance index jumped 2.9 points to 44.4% over the same period due to a sharp weakening of altcoins.
The cryptocurrency fear and greed index fell 8 points in the week to 10 and continues to be in "extreme fear". By Monday, the index had climbed to 14 points, thanks to the cryptocurrency market's retreat from local lows at the end of last week.
Bitcoin has declined for six weeks in a row, along with stock indices. A prolonged one-way move in Bitcoin was last seen in late 2018 when the first cryptocurrency hit a cyclical bottom. That was followed by many more months of sluggish momentum, so investors have an essential question: choose a low point to buy or join the move when it is certain. Prudence suggests that it is less risky to follow the second strategy.
Last week's decline intensified after breaking through last year's lows near $30,000, becoming the most significant weekly drop since January.
The story of the Terra (LUNA) crash and the TerraUSD stablecoin project added to the negativity on the crypto market, hitting all altcoins hard.
According to Global Macro Investor CEO Raul Pal, May and June will be the most worrying months, so a new wave of sell-offs in the crypto market is inevitable.
Legendary investor Bill Miller said he sold some of his BTC holdings. Although bitcoin may continue to decline in the short term and even drop by half from current levels, Miller looks at bitcoin positively and expects it to grow over a long time.
Robert Kiyosaki, the world-famous author of the bestselling book Rich Daddy, Poor Daddy, is looking to buy bitcoin once it tests the 'bottom' at $17,000. The businessman has once again expressed distrust of the US government. of a new wave of long-term growth, the first impulse of which was in 2018-2020, followed by a prolonged wide side trend. A potential bull target, in this case, could be the $2500 area. 
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts’ opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
Do Kwon’s proposal to fork Terra’s LUNA to a new chain has received criticism from Binance CEO and cryptocurrency proponents. The Luna Foundation Guard has spent $3 billion stabilizing TerraUSD’s peg, however, UST has failed to recover. 
Ripple (XRP) price saw bulls trying to get price action through the red descending trendline over the weekend, in an attempt to stop this downtrend that has been present since April.
Shiba Inu (SHIB) price is stalling this morning on its recovery path from the slaughter it underwent last week. Over the weekend, investors got time to reassess the situation.
The number of Ethereum tokens staked in the Eth2 contract has reached a new all-time high. Despite the key milestone, analysts fear further decline in ETH price, on account of "bear pennant" structure. 
Bitcoin price shows interesting setups from multiple time frames that hint at a confluence. This convergence occurs for the short-term bullish outlook as well as the macro bearish scenario for BTC. 
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

source