After the collapse of Terra (LUNA), which was fatal for the entire cryptocurrency industry, bitcoin is trying to regain lost ground these days.
According to Simon Peters, a crypto-asset analyst at eToro, “Investors are now looking to see how the major players in the crypto space can maintain their levels going forward.” But as crypto-asset transactions among the world’s major financial institutions continue, further improvement in the sector is possible despite the difficulties.
As a reminder, this week bitcoin suffered losses after falling by 15% the previous week. Overall, Bitcoin lost 20% of its value in May. Javier Molina, eToro’s Spain spokesman, notes that from a technical standpoint, BTC is now in a very delicate moment: it is under pressure in the $29K-$30K area, but due to strong pessimism, it seems to be holding the way to the key landmark $20 thousand.
“While BTC bounced higher from the $25k level, it has already suffered damage and there is a high risk of a return to the previous mark. However, it now appears that BTC at $30K will trade at a premium, and investors are waiting for recommendations to set it in motion.”
“The $35,000 mark is the first resistance that Bitcoin needs to overcome. It should not miss this week’s lows, and in case of an attack on the resistance zone, the volume should be monitored, which will again return to the low of last weekend, ”concludes Molina.