The cryptocurrency market tries to form a foundation for growth


The cryptocurrency market continues to fascinate a new equilibrium. After a burst of volatility and accelerate the negative dynamics on the operation of Martin-Colls of the other and was not worth expecting.

According to GlassNode, the participants of the rally from October last year recorded $ 14.2 billion on the wave of panic, which exceeded all previous highs and in 2017-2018 and after that, including collapse in March last year. Cryptoquant reports the slowdown in BTC’s tributaries on the stock exchange, the futures market continues to decline open interest as a reflection of the excessive canopy of speculative Longs. On Monday, the market resistantly transferred a new attack by the Chinese authorities. The market «cleared» and is ready to resume growth?

While everything is not so obvious. From a technical point of view, Bitcoin quotes may begin the formation of a triangle, which acts as a figure of continuing the previous trend. The main resistance of $ 42 thousand was previously untouched. Current lifting can be associated with the upcoming 28 May expiration of options in the derivative market. The greatest open interest is focused on strikes $ 40,000 and $ 50,000. The question of the behavior of the market after the weekend remains open.

You can not exclude a new portion of FUD. The same initiative for the «green» mining mask with leading companies from the United States is perceived as an attempt by the «capture» of this key for the network of activities, for which the head of Tesla has been compared with Roger Vera and others. It can be considered an exaggeration, however, one way or another to restructure the Chinese miners will need time and money. Glassnode analysts attributed them to the category of those who can reduce market pressure.

The owners of 24% of BTC also got there, which currently keep unprofitable positions. They can

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