Crypto Week Ahead: BTC Dips Below $27,000, Market Expected To Remain Mellow
Over the past seven days, Bitcoin (BTC) price achieved a high of $28,299.16.
Bitcoin (BTC), the world’s most-valued crypto, dipped below the $27,000 mark over the weekend. Ethereum (ETH), on the other hand, managed to reclaim the $1,800 mark after a brief slump last week. Overall, it appears that crypto prices might continue to face the doldrums in the coming week. However, there have been certain positive developments as well, including the possibility that the US Federal Reserve might reduce interest rates to counter inflation.
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call.
Crypto Prices Over The Past Week
Last Monday (May 15), the overall crypto market cap stood at $1.14 trillion. BTC price stood at around $27,390, ETH price stood at around $1,825.
A week later, the overall market cap dipped down to $1.12 trillion, as per CoinMarketCap data.
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DeFi's total volume stands at $1.63 billion, at 7.52 percent of the total market 24-hour volume. In case of stablecoins, the overall volume stands at $19.51 billion, at 89.92 percent of the total 24-hour market volume.
BTC dominance, at the time of writing, stood at 46.39 percent.
Over the past seven days, Bitcoin achieved a high of $27,624.66 (on May 15) and a low of $26,574.88 (May 18), showing signs of a relatively weak run.
Ethereum, on the other hand, saw a high of $1,844.01 (May 15) and a low of $1,780.89 (May 18).
Crypto Events To Note
US Federal Reserve Chair Jerome Powell recently indicated that the nation’s banking sector is facing potential instability, which in turn signals that the Fed Reserve might reduce interest-rate tightening in order to counter the increasing inflation.
Furthermore, US presidential candidate Robert F. Kennedy Jr. continued to show his support for crypto, saying that Bitcoin is more than just a form of currency and is a vital part of the democratic movement. "As President, I would ensure that every citizen has their own wallet and their own password, free from government interference," Kennedy said at a conference recently.
Additionally, Hong Kong-based crypto-focused Hashkey Group is reported to be engaged in preliminary discussions to hold a funding round to become an unicorn, taking its valuation above $1 billion.
Considering the above positive events, it can be speculated that investors will act favourably. However, as always, it is advised to stay updated with recent price movements and do thorough research before putting your money into digital assets.
What Crypto Traders Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “During the weekend, Bitcoin's value reached around $27,000, but it has since experienced a decline due to the upcoming eventful week in the US. Investors and traders should closely monitor these events as they can significantly impact market sentiment. Expect some volatility in the market throughout the week. Currently, BTC is traded at approximately $26,650, with support at $26,200 and resistance at $27,000. On the other hand, Ethereum is valued at around $1,800. If buyers can sustain the price above the current level, a brief price increase is possible.”
WazirX Vice President Rajagopal Menon offered his take, “Bitcoin’s price settled below $27,000 after some fluctuations in the previous week. Lido DAO token was a key performer among the altcoins after it announced staked ETH withdrawals feature on its platform.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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