empty
30.05.2022 08:32 AM
Technical Analysis of BTC/USD for May 30, 2022

Crypto Industry News:

The Bitcoin network witnessed the historic event on May 12, when the mining difficulty reached an all-time high of 31.251 trillion as miners mined nearly 50,000 BTC out of the remaining 2 million tokens.

While the Bitcoin community enjoyed the additional resilience of the network due to the increasing difficulty of mining the Bitcoin block, the network difficulty saw a decline of 4.33%, i.e. from 31.251 trillion to 29.897 trillion on May 26.

Bitcoin's difficulties have consistently reached record highs in the past ten months as they recovered from a massive trough, from 25.046 trillion on May 29, 2021 to 13.673 trillion on July 22, 2021.

Since then, problems with the Bitcoin network have seen an increase of 128.56% when a record high was reached. However, despite a temporary decline of over 4%, the BTC ecosystem is still guarded by the most secure blockchain network.

Higher network difficulty requires more computing power to validate and confirm transactions on the BTC blockchain. As a result, it prevents hackers from hijacking your network, contributing to over 50% hashing rates and carrying out double-spending attacks.

Technical Market Outlook:

The BTC/USD pair is still trading inside the range, however the last push lower resulted with the Pin Bar candlestick as the bearish pressure intensify. The weak and negative momentum supports the short-term bearish outlook with a new target for bears seen even at the level of $20,000. The market keeps making lower lows and lower highs on the H4 time frame chart, so the down trend is intact. The first indication of the deeper correction would be a clear breakout above the range high located at the level of $32,870.

Weekly Pivot Points:

WR3 - $33,360

WR2 - $32,016

WR1 - $30,581

Weekly Pivot - $29,009

WS1 - $27,632

WS2 - $25,903

WS3 - $24,538

Trading Outlook:

The down trend on the H4, Daily and Weekly time frames continues. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support is seen at the round psychological level of $20,000.

This image is no longer relevant

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Trading tips for crypto market on June 27 (North American session)

Bitcoin made another attempt to return to the $108,000 level, but failed to hold it and corrected lower, falling below the $107,000 mark, a move that could lead

Miroslaw Bawulski 15:47 2025-06-27 UTC+2

Another Major Company Announces $1 Billion Raise to Buy Bitcoin

The cryptocurrency market is showing strong confidence. Given its correlation with the U.S. stock market—where historical highs are being updated—there is room to expect further growth in digital assets. However

Jakub Novak 10:50 2025-06-27 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 27

Bitcoin and Ethereum have paused their upward movement following yesterday's weak fundamental data, indicating a slowdown in the U.S. economy's growth. However, this wasn't the primary driver behind the pause

Miroslaw Bawulski 09:16 2025-06-27 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 26

Bitcoin and Ethereum are demonstrating stable growth amid new forecasts regarding the number of interest rate cuts expected from the Federal Reserve this year. Another dovish stance from

Miroslaw Bawulski 09:19 2025-06-26 UTC+2

Bitcoin Aims For Continued Growth

Yesterday, Bitcoin continued its upward movement, driven by the notably softer tone of Federal Reserve Chair Jerome Powell regarding the future of interest rates. His cautious remarks — that

Jakub Novak 12:42 2025-06-25 UTC+2

BTC/USD Analysis on June 25, 2025

The wave pattern on the 4-hour BTC/USD chart remains generally clear. We observed a corrective downward formation that completed near the $75,000 level. After that, a strong upward movement began

Chin Zhao 12:32 2025-06-25 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 25

Bitcoin and Ethereum continued their rally yesterday, triggered by news of a ceasefire between Iran and Israel. Federal Reserve Chair Jerome Powell's dovish tone during his testimony in the House

Miroslaw Bawulski 09:33 2025-06-25 UTC+2

BTC/USD Now trying to reach the level of 106000. Tuesday, June 24, 2025.

1. Market Sentiment Summary. When yesterday President Trump softened his aggression against Iran, it eased the current world geopolitical tensions, causing several market players to start returning to risky assets

Arief Makmur 07:36 2025-06-25 UTC+2

Bitcoin and Ethereum Regain Strength

Bitcoin and Ethereum are showing strong performance. After holding the $100,000 level, large buyers returned to their usual activity and have already pushed BTC back to the $105,000 area. Ethereum

Jakub Novak 10:52 2025-06-24 UTC+2

Trading Recommendations for the Cryptocurrency Market on June 24

Bitcoin and Ethereum surged sharply after news emerged that Iran and Israel might halt their exchanges of strikes. U.S. President Donald Trump announced yesterday that Iran and Israel had agreed

Miroslaw Bawulski 10:04 2025-06-24 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.