The recovery to $10,000 for Bitcoin is currently hindered by the resistance at the 20 MA – something we have been seeing in the Bitcoin news for some time. With a holiday weekend coming up, traders brace for more volatility. However, the US lockdown loosens on Monday (Memorial Day) which may trigger a new bull run for Bitcoin (BTC).
The truth is, ever since Bitcoin dropped below the ascending channel trend line to $8,815 on May 21, the price has recovered by 4.78% and BTC/USD now continues to meet resistance at the 20-day moving average as it obstructs traders’ desire to push the price above $9,300.
In the United States, this weekend we can see the Memorial Day holiday coming up, which means that many traditional markets will be closed due to that and the US lockdown. The crypto market, however, is working 24/7 and will be left to its own devices.
Typically, on days like the Memorial Day, the trading volume thins, so investors who find time to step away from the family BBQ will be expecting larger players exploiting the market and then making their move. This is how the US lockdown affected the crypto prices so far and what is also expected this weekend.
In the 4-hour chart, we can see that Bitcoin price is marching towards $9,200 and has a solid ascending channel trend line by painting new gains. However, if we take into consideration the fact that BTC was trading near the $10,000 mark 7-10 days ago, it is easy to see that the direction of the coin was even better earlier this month.
In times when people are hugely affected by the US lockdown measures, not everyone is thinking of buying Bitcoin (BTC) – which may be the reason why the coin has been struggling to post gains lately. However, once the US lockdown loosens, we can expect Bitcoin to finally trigger a bull run which was expected after its halving.
In the coming altcoin news, all are praising the leader Ethereum (ETH) which already added more than 2.65% to its price today as ETH is trading at $207. Meanwhile, coins like EOS (EOS) and Cardano (ADA) are some altcoins to watch out for in the next couple of days.
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