WMA: Bitcoin wobbles again, but did it finally spend its last week under $10k?

News / 31.05.2020

Get the weekly summary of cryptocurrency market trends, news, and forecasts!

This Week’s Summary

  • The Crypto Market ends the week at a total market capitalization of $269 billion
  • Bitcoin slumped to almost $8,700 but surged back to $9,500 over the weekend
  • Ethereum is flying high on a 10% increase during the week
  • XRP finally climbs above the $0.20 mark and stays there for more than a day
  • Argentina defaults on $65 billion worth of foreign debt

Crypto Trends 25th – 31st of May 2020: PERFORMANCE & ANALYSIS

Last week, the cryptocurrency market saw another attempt from Bitcoin to rise above the $10,000 barrier. The double-digit mark has become somewhat of a nemesis for the most popular crypto out there, as BTC has not managed to climb over it and stay there for months.

Bitcoin started the week on a slippery downtrend, and on Tuesday it was trading as low as $8,770. The bulls regrouped and managed to increase its value by almost 10%. Towards the weekend, BTC tried to push past the resistance level at $9,600 but faced instant rejection.

At the time of this writing, Bitcoin is trading at $9,560, and all the signs point to a bull upheaval for the next 7-day period. All bullish fingers are crossed as BTC will try to overcome the $10,000 scarecrow.

Elsewhere, Ethereum did not seem to suffer much from Bitcoin’s teetering and managed to grow by 10% during the week. After climbing back over the $200 mark last week, Ethereum is now trading at $235, and it has set its sights on the $247 resistance level for next week. The closest support level is at $211.

Ripple’s XRP reclaimed its position as the 3rd best-trading cryptocurrency, which was briefly asserted by Tether last week. However, the switch was short-lived as the USD-pegged coin dropped in value by 0.44% this week.

In the meantime, XRP managed to get over the $0.20 threshold after a long battle. This time around, it looks like it will stay there for a while as it is now trading at $0.203 and aiming for the next resistance level at $0.215. The next support levels lie at $0.2 and $0.192 respectively.

What’s in the News?

  • Argentina has declared its 9th sovereign default, this time on $65 billion worth of foreign debt
  • China aims to launch digital Yuan by 2022 Winter Olympics
  • Bitwage launches ‘World’s First’ Bitcoin 401k Plan enabling employees to have a Bitcoin retirement plan
  • Coinbase has acquired crypto prime brokerage firm Tagomi

Next Week’s Market Forecast

In the upcoming week, Bitcoin may finally trade above $10,000 for a longer time after oscillating between $8,500 and $9,800 for more than a month. The halving has yet to produce the spectacular boost that everyone was expecting, so investors hope that a bullish assault in June will push BTC past the double-digit barrier.

Elsewhere, we may observe a continuing uptrend for most of the top-20 altcoins, with Ethereum and XRP expected to trade again in the green despite Bitcoin’s seesawing trajectory.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.