Bitcoin (BTC) is off to a better start than most this week as bulls avoid serious losses into the weekly close.
Still heavily tied to declining stock markets, the largest cryptocurrency is nonetheless defending $30,000 on May 23 and eyeing the top of its post-Terra (LUNA) trading range.
While there are no signs of an impending miracle price recovery, some are hoping that upside will feature before any form of reversion to a downtrend.
Macro conditions remain tenuous, and the week of the World Economic Forum’s (WEF) Annual Meeting is due to add fuel to the fire surrounding the tolerance of Bitcoin.
Add to that the largest downward difficulty adjustment since last July and it becomes clearer that Bitcoin is battling for strength on multiple fronts.
What could happen in the coming days? Cointelegraph presents several factors to keep in mind when it comes to BTC price action.
BTC price “nuke” still on the table
In a refreshing contrast to recent weeks, Bitcoin managed to show strength following the weekly close into May 23.
Despite still sealing a record eighth weekly red candle in a row, the lack of breakdown allowed BTC/USD to instead retain $30,000.
For Cointelegraph contributor Michaël van de Poppe, the trend was already in evidence ove the weekend.
Still good on #Bitcoin.
Great breakout at the $29.3K area, resulting in a run towards $30.2K, which became resistance (as disclosed in the previous tweet).
Consolidation now.
Break would mean $31.1K and potentially $32.8K + #altcoin momentum. pic.twitter.com/Ia9svBR3Lf
— Michaël van de Poppe (@CryptoMichNL) May 22, 2022
Given the overall picture with stocks correlation and monetary tightening forcing them down, not everyone was confident in the upside continuation of Bitcoin.
BTC weekly:
Alot of resistance above.
Not so much support below.
This is not a prediction. pic.twitter.com/L34fV2sA7M
— Nunya Bizniz (@Pladizow) May 23, 2022
“My preferred Bitcoin scenario is a nuke straight to $22k before big bounce close to…
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