Bitcoin
Bitcoin rose 0.35% in seven days, from May 12 to May 19. The biggest increase was seen on Wednesday, May 17 – 1.36%, and the biggest drop was on Thursday, May 18 – 2.14%.
Overall, BTC was in the $25,800-$27,666 range last week.
The main reason for any spikes in the cryptocurrency market is the situation of uncertainty with the debt ceiling in the U.S.
So far, U.S. congressmen continue to negotiate, but no visible progress has been made. This increases the anxiety of crypto-investors, because quite a specific prospect looms – the default.
At that big players (those who have accounts from 1,000 to 10,000 BTC) obviously aren’t confused by such developments.
They have been building up their position for five weeks now. That can only speak in favor of the fact that institutional investors are expecting the price to rise.
They’re not going to buy in order to find themselves at a loss, are they?
Bitcoin is sideways on technical analysis. It is important that during the week it several times broke through the support level of $26,500, but closed above.
Thus, the bears could not reign in the market. If it rises, the nearest level of resistance should be this week’s high of $27,666.
The Fear and Greed Index was little changed for the week, dropping from 49 to 48. It is still in the neutral zone.
Etherium
Over the week, the price of Etherium changed little, from $1,808.5 at the close on Friday, May 12, to $1,810.3 as of May 19.
Thus, the growth was less than 0.1%.. The peculiarity of this week was the absence of volatility in ETH: on all days the price changed less than 1.5%.
According to analytics platform Santiment, the decline in activity is due to the fact that the amount of cryptocurrency on exchanges is only 10.1%. This is a historic low for the airwaves since 2015.
“While ether dropped to $1,780 today, we see the supply on the exchanges continue to decline.
The percentage of ether on exchanges is at its lowest since the start of public trading in 2015, at 10.1%. In fact, this is an all-time high for assets held in OTC wallets.”
It’s likely that crypto-enthusiasts now prefer not to try to make money from cryptocurrency rates, but to participate in the steaming.
The amount of zastekaniye etherium still far exceeds the amount of withdrawals: in the past seven days, the difference was more than 650,000 ETH.
In terms of technical analysis, the second most capitalized cryptocurrency is sideways. The levels from last week remain unchanged: support – $1,750, resistance – $2,000.
Polygon
Over the past week the value of Polygon (MATIC) has changed little – up only 0.6%. Cryptocurrency has fallen in value globally since February 18.
Since then, the decrease is more than 40%. The most interesting moment of the past seven days was the May 16 price drop of more than 30%. However, it was only a passing phenomenon.<br
While MATIC’s price is falling, the platform itself is doing quite well. NFT Tech’s Web3 technology platform reports that Polygon is the most popular blockchain for brands by May 2023.
It accounts for 41% of. It recently overtook Etherium on this measure, Polygon CEO Ryan Wyatt said. In addition, the platform is going to develop an environmental agenda.
This week, Polygon announced an agreement with Solid World, a startup dedicated to providing financial and technical tools to combat climate change.
According to Solid World CEO Stenver Jerkku, a forward pool of carbon credits will be created, where air emission permits will be sold, at prices determined by an automated market maker.
Carbon credits and there are air emissions permits.
But in terms of technical analysis, the picture is relatively bleak. MATIC price is below both the 50-day (marked green) and 200-day (marked orange) moving averages.
Besides, the first recently crossed the second one from above downward, which means that the so-called dead cross was formed, which indicates with a high probability about further decrease.
Support levels are $0.7 and $0.6, which are the lows of the current week. The level of resistance is $1.05.
Thus, so far, there is a lull in the cryptocurrency market. The price of bitcoin, etherium and Polygon changed by less than 1% during the week.
The main reason for this is the general macroeconomic uncertainty.