The crypto asset market is getting a breath of fresh air after successfully coming out of the pressure in the past week. Referring to Coinmarketcap, the price of Bitcoin on Friday (3/6) at 13.00 WIB was at US$ 30,534.99 per BTC or strengthened 6% in the last seven days.
While Ethereum and Binance Coin also carve a similar trend. Noted, Ethereum is currently at US $ 1,822.75 per ETH or up 5.11%. Then Binance Coin has also strengthened 4.73% in the past week to US $ 307.34 per BNB.
Regarding market movements in the first of June 2022, Luno Indonesia Country Manager Jay Jayawijayaningtiyas said, Bitcoin's promising performance in a week shows its dominance as the blue-chip crypto asset of choice for investors, as evidenced by its success in capturing nearly 46% crypto market share.
“Right now the Fear and Greed Index is still at the Extreme Fear level. One thing that is interesting this week, in line with Bitcoin's dominance in the spot / daily market, interest in the derivatives market for Bitcoin futures contracts also continues to grow to reach 63%," said Jay in a written statement, Friday (3/6).
Luno and Arcane Research added that the month of May got off to a bad start due to the Luna crash and the turmoil in financial markets, so most crypto assets fell by double-digit percentage points in a few days. However, this sharp decline only lasted for a few days, and market conditions began to stabilize in the middle of the month, even having rebounded in the last few days.
This is also reflected in the Fear and Greed index, which is now at 16, up from 12 last week. However, the index has been in the extreme fear zone for most of May, with 26 consecutive days in the extreme fear zone – its longest since April 2020.
“This prolonged period of negative market sentiment is not unusual, but usually, these times will be interrupted by rising sentiment. It can be concluded, market participants have no optimism at all in May,” added Luno and Arcane Research.
From a technical point of view, in the past week, the price of bitcoin is still tied in a trading range between US$ 29,000 and US$ 30,500. However, Luno and Arcane Research estimates that after several times breaking through the US$ 30,500 level, Bitcoin's resistance level will be at US$ 34,500 with a support level of US$ 29,000.
source : https://id.tradingview.com/
