Market Wrap: Bitcoin Holds Above 30K as Sentiment Improves- CoinDesk
Cryptocurrencies were mostly higher on Thursday as bullish sentiment returns. Bitcoin was trading around $32,300 at press time and is up about 1% over the past week. The price recovery off $30,000 support stalled following positive comments from Tesla’s CEO Elon Musk on Wednesday. Technicals suggest upside is limited around $34,000 resistance.
Lukas Conrad, chief product officer at Bitpanda, an Austrian financial services platform, described the trading environment across cryptocurrencies as a “roller coaster ride,” in an email to CoinDesk.
“The price of Bitcoin has been producing lower highs and lower lows recently while remaining in a downtrend,” Conrad wrote. “Even though pressure from sellers might be diminishing, buyers won’t turn things around until resistance is broken.”
- S&P 500: 4367.3, +0.2%
- Gold: $1806.1, +0.11%
- 10-year Treasury yield closed at 1.259%, compared with 1.291% on Wednesday
Bitcoin was already well bid ahead of The B Word conference on Wednesday. And now analysts are questioning whether Musk’s comments are enough to keep bitcoin bulls active.
“The jury is still out on whether this positive …
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