Cointree Crypto Market Update - May 19th 2021

Market update for traders

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Has bitcoin hit bottom or is the dip driving deeper?

Bitcoin (BTC) tumbled from $74,615AUD last week down to a low of $54k on Monday, which is described by some analysts to be a key support area (between 53.9K and 56.5K), and where at the time of writing price action remained. This is the lowest bitcoin has been in the last three months with some signs showing a bear market, and a retrace down to $51k possible. In the coming week, analysts are watching to see whether bulls can reclaim and maintain bitcoin’s price above $56k or if bears will keep the pressure on and take the price further down, where it could retrace to $42k. With some speculation on whether this move is mainly due to recent tweets by Elon Musk or a sign of larger market direction, only time will tell.

Over on the altcoin market, Ark (ARK) and Celer Network (CELR) see impressive surges of +70.69% and +53.45% respectively, with honourable mentions to Fantom (FTM) +21.78% and one of the latest additions to the platform SushiSwap (SUSHI) +17.1%.

Read our full market update here.

Market update for beginners

Bitcoin (BTC) bitcoin hit bottom or is the dip driving deeper? Bitcoin (BTC) fell from $74,615AUD last week to a low of $54k on Monday, which some analysts believe is a vital support area (between $53.9k and $56.5k), and at the time of writing where the price remains. This is the lowest bitcoin has been in the last three months with some signs showing a continuing period of falling prices and a bounce potentially at $51k. Over the next little while, analysts are watching to see whether the market can rebound and maintain bitcoin’s price above $56k or if the pressure stays on, which could drive the price down even further reaching as low as $42k. With some speculation on whether this move is mainly due to recent tweets by Elon Musk or a sign of a larger market direction, only time will tell.

Over on the altcoin market, Ark (ARK) and Celer Network (CELR) see impressive surges of +70.69% and +53.45% respectively, with honourable mentions to Fantom (FTM) +21.78% and one of the latest additions to the platform SushiSwap (SUSHI) +17.1%. Read our full market update here.