Bitcoin price rallies to $32.3K, but three factors could limit its recovery
2022.06.01 01:06
Bitcoin price rallies to $32.3K, but three factors could limit its recovery
Bitcoin (BTC) price action has been surprisingly bullish since May 27. Weekends, especially holiday weekends, are notoriously volatile and indecisive, with major whipsaws in price movements being the norm. Even in bull markets, bearish price action is often the norm, but BTC bucked that trend.
BTC/USD daily chart (Coinbase (NASDAQ:COIN)) Source: TradingView
Bitcoin rallied nearly 11% between May 27 and May 30, moving through the critical $28,600 level to move back above $30,000 to $31,700. The weekly close was the highest close of the past twenty days and it gave bulls the strongest three-day run in over two months. However, macroeconomic fears may weigh on any further upside potential.
Fertilizer price index Source: ycharts.comWheat futures (ZW) weekly chart (CBOT) Source: TradingViewCrude oil futures (NYMEX). Source: TradingViewBTC/USD daily Ichimoku Kinko Hyo chart. Source: TradingView
