Market reviews

It remains to be seen whether or not Bitcoin’s recent gains marks a sustained reversal from the series of lower highs and lower lows since mid-April, or whether it’s merely a false break.

Litecoin is boasting a month-to-date advance of 2.5% at the time of writing, faring better than the likes of Bitcoin, Ether, and other larger cryptos, which have dropped so far in May.

Bitcoin is now stuck in a downtrend, having posted a series a lower highs and lower lows so far this month.

After making a run towards the $30k mark, a possibility cited in our crypto article last week, Bitcoin has since slumped.

According to Bloomberg data, after Bitcoin notches a 4-month winning run, what tends to follow is eye-watering: a 260% surge over the ensuing 12 months. However, the crypto world may first have to overcome some near-term risk events:

Round numbers fascinate and beguile those in markets as they can act as key psychological levels which frequently form support or resistance.

Following the “Shanghai” upgrade, Ether prices surged by up to 13%, breaching the psychologically-important $2k mark for the first time since August – a milestone we had also earmarked in last week’s article.

Although Bitcoin has today soared past the $30k mark for the first time since June, the crypto world’s attentions this week are likely to be more focused on Ethereum’s next big upgrade, called ‘Shanghai’.

The world’s largest digital coin is holding up relatively well, despite the latest salvos against the crypto world.

The world’s largest crypto by market cap is taking a healthy pause after briefly breaching the $28,000 mark, though still holding around its highest levels since June 2022. Bitcoin’s year-to-date gains soared by as much as 72% before paring such advances to 67% at the time of writing.

Amid the ongoing SVB saga and the fears engulfing the traditional US financial system, Bitcoin is advancing for a fourth consecutive day, surging past its 50-day simple moving average (SMA) to come within touching distance of the psychologically-important $25k line.

At the time of writing, the value of the world’s largest crypto has fallen by about 2.9% so far this month. Bitcoin is now limping along, barely keeping its head above the psychologically-important $22,000 mark for the time being.

Bitcoin is set to wrap up February 2023 with gains of less than 2% (barring a surge later on this final day of the month), and is on course for posting back-to-back monthly gains for the first time since February-March 2022.

The 50-week simple moving average (SMA) of the world’s largest crypto has now sunken below its 200-week counterpart. This is the first such technical instance in Bitcoin’s history which began its existence in 2009.