May has seen bitcoin prices being volatile, with the coin dipping to two month low mid-month after market sentiment shifted bearish due to several data points. Federal Reserve raised interest rates, which was followed by the US non-farm payrolls slightly exceeding the expectations coming in at 253,000. Inflation rate for April decreased to 4.9%. Those factors made Bitcoin (BTC) slip to the $25,810 low last Friday, which was the weakest point recorded since March. Today's trading session saw Bitcoin climbing to a peak of 27,527.51 and entering into a support point of $27,500. The uptrend resulted due to the 14-day relative strength index (RSI) rising above 42.00. RSI is now tracking at 44.66 while bulls are still pushing for the $28,000 mark. For Bitcoin to cross the $30,000 mark by the end of May, RSI needs to break the 48.00 ceiling. All together, Bitcoin went through a roller coaster of a start to the month of May with uncertainty taking over the markets. This volatility means investor needs to stay cautious and observe upcoming potential news event /data points to make the right decision.
Anthony Brooks
- 2023-05-15
Bitcoin's Roller Coaster Ride in the Month of May
May has seen bitcoin prices going through high volatility and market sentiments shifting to bearish due to several data points. Opening to a two month low mid-month, Bitcoin is climbing after a support point of $27,500. Caution is advised and RSI needs to break the $28,000 mark to cross the $30,000 mark by the end of May.
