Bitcoin May 31 – BTC falls 3% in 24 hours

Regulation cracks down on cryptocurrencies again – here’s the news of the day: Binance withdraws anonymous cryptocurrencies (XMR, DASH, ZEC) for French residents. The decision was made because of strict French regulations, but other European countries should be concerned. It was a sad day for the cryptocurrency as the price of Bitcoin struggled to hold on to the psychological $27,000 level. Is This the Beginning of a Bitcoin Down Wave?

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Bitcoin price drops 3% in 24 hours

Another day of losses for Bitcoin. While the monthly close is a few hours away, the price of Bitcoin is down 3% in 24 hours:

On May 31, 2023, the price of Bitcoin fell by 3% in 24 hours. Bitcoin performance against different currency pairs – Source: Coincheckup

BTC remained positive for a week, but fell nearly 6% in a month. In three months, the price of BTC has only increased by 15%. The BTC/ETH pair is down 0.7% in 24 hours and 6% in a month.

Bitcoin and Gold Price Correlation Falls

Bitcoin is often compared to gold because they are two similar assets. It’s not for nothing that we talk about Crypto gold when we talk about Bitcoin. These two assets can be used as currency, limited quantities, etc. Recently, the correlation between Bitcoin and gold prices has been remarkable, as shown in the graph:

The correlation between Bitcoin and Gold has been falling for several weeks - May 31, 2023. The correlation between Bitcoin and gold is falling Source: Kaiko

Not all market operators view Bitcoin as a safe haven. However, Bitcoin has acted as a safe-haven during the banking crisis experienced this year. In fact, the correlation between the two assets became even more important in April, reaching over 50%. However, the correlation between BTC and gold has declined over the past few weeks. It’s currently at 11%, according to Kaiko data.

Bitcoin price back to $26,700 support?

Buyers failed to hold the support at $27,500, with the price deflecting above the range between $27,500 and $26,700:

On May 31, 2023, Bitcoin price may retrace to the support level of $26,700. Bitcoin to USD price (4H)

The price may continue to decline towards the $26,700 support. Buyers must then absolutely defend this level to avoid a slide towards the next support at $25,000. Buyers are now targeting a move back above the $27,600 area and making it a support. In this case, the price could retrace to the $28,500 resistance. The RSI is in a bullish trendline, where a bounce is likely.

The correlation between Bitcoin and gold is falling, falling from over 50% to 11% in just a few weeks. Bitcoin acted as a safe haven for weeks during the banking crisis. Meanwhile, Bitcoin price has not confirmed an exit from the range between $26,700 and $27,500. Buyers will have to defend the $26,700 support at all costs to avoid seeing another drop that could take the price back to $25,000.

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The article Bitcoin May 31 – BTC Loses 3% in 24 Hours appeared first on Journal du Coin.

Information source: compiled by 0x information from JOURNALDUCOIN.The copyright belongs to the author crpto_me, and shall not be reproduced without permission

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