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Bitcoin Regains $30K but Risks Falling Back Against Multiple Resistances

Cryptocurrency Jun 03, 2022 05:14
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2/2 BTCUSD H4 2/2

By David Wagner

Investing.com - Similar to the risk aversion that plagued it earlier this week, Bitcoin benefited yesterday from a renewed appetite for risky assets, and as a result, managed to regain the key psychological threshold of $30,000 broken the day before.

The stock markets rose sharply yesterday in Europe and the United States, with Nasdaq in particular ending the day up by 2.69%.

The BTC/USD trend looks fragile and the cryptocurrency could resume its downward path at any time and fall back below $30,000.

Can risk appetite continue to benefit Bitcoin?

This is especially true as risk appetite could be short-lived, given that yesterday's market rally does not call into question the prospect of a recession.

After Jamie Dimon, the head of JP Morgan, warned on Wednesday evening of an "economic hurricane", Microsoft Corporation (NASDAQ:MSFT), for example, yesterday revised downwards its profit and sales forecasts for the current quarter.

The cryptocurrency sector has also felt the impact of the current economic gloom, with cryptocurrency exchange Coinbase (NASDAQ:COIN) announcing in a blog post by HR director L.J. Brock that it would be "extending its hiring pause for new and replacement positions for the foreseeable future and cancelling a number of accepted offers", suggesting the company is preparing for a crypto winter.

The move came just hours after the crypto-currency exchange and custodian Gemini, the brainchild of billionaire twins Cameron and Tyler Winklevoss, announced that it was laying off 10% of its workforce, or about 100 employees.

Thresholds to watch for in Bitcoin

From a technical perspective, note that BTC/USD faces immediate resistance at $30.700, followed by around $31.400, then $32.400, and $32.700.

On the downside, $30,000 is the first key threshold to watch, before $28,000 and then this year's low at $26,600.

 
Bitcoin Regains $30K but Risks Falling Back Against Multiple Resistances
 

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