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" [ad_1]\r\n<br><div>\n                                \n<h2><strong>Factors ranging from Elon Musk to BTC-Gold rally heap concerns</strong></h2>\n\n\n\n<ul><li>Bitcoin Crypto crash over the last week due to various factors </li><li>Chinese regulations and the Musk effect played their role </li><li>Investors are trapped with whales coming out to save them with massive buying</li></ul>\n\n\n\n<p>Often the game of cricket is associates with lots of various ebbs and flows. Sometimes the batting team is on top; other times, it’s the fielding team, and sometimes it could be shared with no winners or losers. Of Late, Bitcoin prices have mirrored a game of cricket match. After touching an all-time high in mid-April, the cryptocurrency has been crashing at 35% since. </p>\n\n\n\n<h3><strong>What led to the crash? </strong></h3>\n\n\n\n<p>At the time of writing, <strong>Bitcoin </strong>has dropped 23% over the last five days, and who would’ve thought that <strong>Elon Musk </strong>would have a pivotal role in the downfall. Owner of SpaceX and Tesla, Musk, came out with a protocol to stop receiving payments for its electric cars via Bitcoin or any other cryptocurrency. A lot of energy is consume for Bitcoin mining that would be against Tesla’s policy of sustainable energy for the future. Massive is a huge influencer in the crypto world and may even be call the batsman who sent the ball of fire up. However, he assured investors and the general public that Tesla had not sold any of its Bitcoin holdings. Still, that was not enough as the price breached the $40k mark as it continues to languish in the same range. Lastly, Elon’s Sunday escapades on Twitter also had a huge hand to play as they were in stark contrast to his beliefs in digital currency. </p>\n\n\n\n<h3><strong>Regulations and a BTC/Gold rally </strong></h3>\n\n\n\n<p>With the help of speculative trading in digital currencies, whales or huge investors stand to gain at the expense of small retailers’ investment. To safeguard the public interest, China has gone on record to clarify that it does not support cryptocurrencies as it has damaged the normal functioning of the economy. However, more than 35% of crypto mining occurs in China, which is the largest globally. </p>\n\n\n\n<p>Experts opine that a six-digit threshold for BTC would only be possible if money shifts from precious metals to cryptocurrency. The supply of gold is unknown, whereas BTCs supply is capped off at 21M. There is no doubt that digital currency is a storage of value, but its volatility irks investors to the core. To date, investors find gold as a safer instrument to invest in. </p>\n\n\n\n<h3><strong>Are retail investors trapped?</strong></h3>\n\n\n\n<p>The golden rule of trading will come into play – ‘Buy low, sell high.’ However, what about the money already lost from a high? Institutional players like MicroStrategy will cash in on the discount offered by the market. The institutional investor purchased 229 BTC with an all-cash payment of $10 million. Whales will step into the market and help Bitcoin retrace to levels of $40k-$50k. Grayscale Bitcoin Trust added $1B cryptos in late April this year, while the ‘Grayscale premium’ widened by 21%. </p>\n\n\n\n<p>The <strong>BTC </strong>Average transaction time fell nearly 73.87% from yesterday to 35.46 minutes. On the other hand, a Stock to Flow (S2F) metric suggests that BTC could breach $100k by the end of this year. It might be gloomy for a retail investor, but the metric’s out-of-sample performance has been spot on. </p>\n\n\n\n<h2><strong>The technical structure of Crypto king gets weak</strong></h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" width=\"1024\" height=\"614\" src=\"https://themarketperiodical.com/wp-content/uploads/2021/05/image-210-1024x614.png\" alt=\"\" class=\"wp-image-8906\" srcset=\"https://themarketperiodical.com/wp-content/uploads/2021/05/image-210-1024x614.png 1024w, https://themarketperiodical.com/wp-content/uploads/2021/05/image-210-300x180.png 300w, https://themarketperiodical.com/wp-content/uploads/2021/05/image-210-768x461.png 768w, https://themarketperiodical.com/wp-content/uploads/2021/05/image-210-750x450.png 750w, https://themarketperiodical.com/wp-content/uploads/2021/05/image-210.png 1029w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"/><figcaption>Source: tradingview</figcaption></figure></div>\n\n\n\n<p><strong>Bitcoin </strong>chart structure is projecting weakness over the yearly chart, and the price break significant levels. After a massive rally, Bitcoin hit an all-time high of $64,860, and now it plunged more than -40% from highs. Moreover, the technical support of all-day moving avengers is also break with a considerable volume. Similarly, the most respectefull moving avenger of 200-day is also broken. However, the closing of day candles below 200-DMA will create more panic for bulls. At the same time, another pain for bulls is death crossover. After a significant downtrend, 20-DMA crossed 50-DMA and created a more weak chart setup.</p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" width=\"1024\" height=\"614\" src=\"https://themarketperiodical.com/wp-content/uploads/2021/05/image-211-1024x614.png\" alt=\"\" class=\"wp-image-8907\" srcset=\"https://themarketperiodical.com/wp-content/uploads/2021/05/image-211-1024x614.png 1024w, https://themarketperiodical.com/wp-content/uploads/2021/05/image-211-300x180.png 300w, https://themarketperiodical.com/wp-content/uploads/2021/05/image-211-768x461.png 768w, https://themarketperiodical.com/wp-content/uploads/2021/05/image-211-750x450.png 750w, https://themarketperiodical.com/wp-content/uploads/2021/05/image-211.png 1029w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"/><figcaption>Source:tradingview</figcaption></figure></div>\n\n\n\n<p>While the technical parameters reach under the oversold zone, Bitcoin can experience some short-term pullback. Since the overall chart is bearish, we can see some short-term bounce, and we have to look at the strength of pullback. Support on the lower levels are at $32,000 and $28,500; whereas resistance level is $50,500 and $53,200. </p>\n\n\n\n<p>Relative Strength Index <strong>(BEARISH)</strong> indicates bearish momentum while trading at 24.62. However, <strong>BTC </strong>is trading near the inside oversold zone, and soon a positive pullback or momentum can be expect. </p>\n\n\n\n<p>Moving Average Convergence Divergence <strong>(BEARISH)</strong> currently indicates a bearish trend on the daily chart. It is trading with the significance of the seller’s line (red) over the buyer’s signal line (green). </p>\n\n\n\n<p><strong>Support levels</strong>: $32,000 and $28,500 </p>\n\n\n\n<p><strong>Resistance levels:</strong> $50,500 and $53,200. </p>\n\n\n\n<p>Get this news hand-delivered to you on Telegram. Join our Telegram for similar News and Information related to CRYPTOCURRENCY, BITCOIN, BLOCKCHAIN NEWS, and Price prediction.</p>\n                                \n\t                            \n                                                            </div>\r\n<br>[ad_2]\r\n<br><a href=\"https://themarketperiodical.com/2021/05/19/bitcoin-crypto-crash-with-a-23-btc-market-cap-lost-new-entrants-looking-to-make-a-huge-push/\">Source link </a>"
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