{"id":778,"date":"2021-05-12T23:01:41","date_gmt":"2021-05-12T22:01:41","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=778"},"modified":"2021-05-13T08:20:34","modified_gmt":"2021-05-13T07:20:34","slug":"bitcoin-slumps-to-54k-ethereum-enters-the-500-billion-club","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/bitcoin-slumps-to-54k-ethereum-enters-the-500-billion-club\/","title":{"rendered":"Bitcoin Slumps To $47k &amp; Ethereum Enters the $500 Billion Club"},"content":{"rendered":"#\n<p><a href=\"\/coins\/bitcoin\/\">Bitcoin (BTC)<\/a> has shown immense growth since the beginning of 2021 and ended the first quarter with a record bull run. However, just 15 days into the 2<sup>nd<\/sup> quarter, things have been not going so well for the world\u2019s biggest cryptocurrency. Bitcoin has printed a series of 10+ bearish daily candles which pushed its price down to $47k. Bulls started to give a strong fight and took the price back to $60k by May 8<sup>th<\/sup> but couldn\u2019t manage to overtake sellers at any point to make a brand-new higher high.<\/p>\n\n\n\n<p>During the late hours on Wednesday, the price of Bitcoin fell back to $47k. Bitcoin has recorded a 29% fall in its value with this bearish move for the past 30 days.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"876\" height=\"472\" src=\"\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.43-PM.png\" alt=\"\" class=\"wp-image-789\" srcset=\"https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.43-PM.png 876w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.43-PM-300x162.png 300w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.43-PM-768x414.png 768w\" sizes=\"auto, (max-width: 876px) 100vw, 876px\" \/><\/figure>\n\n\n\n<p>At the time of writing, the price of Bitcoin got corrected and was hovering around the $50,900 level. The total market capitalization of Bitcoin got under one trillion dollars after a long time. Also, the dominance of BTC in the crypto industry is currently at 41.6%, which is the least in the past several months.<\/p>\n\n\n\n<p>Ironically, this wasn\u2019t the market sentiment of BTC during the early hours of Wednesday. Experts were anticipating a positive market movement, and this comes after Mark Zuckerberg, Founder and CEO of Facebook, posted a photo of his pet goats named Max and Bitcoin.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"485\" height=\"500\" src=\"\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.31-PM-485x500.png\" alt=\"\" class=\"wp-image-790\" srcset=\"https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.31-PM-485x500.png 485w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.31-PM-194x200.png 194w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.31-PM.png 726w\" sizes=\"auto, (max-width: 485px) 100vw, 485px\" \/><\/figure>\n\n\n\n<p>Mark&#8217;s involvement and interest in the crypto space, especially in Bitcoin, is a big deal because he owns the most popular social media and communication platforms, such as Facebook, Instagram, and WhatsApp. Any minor integration of cryptos in any of these platforms would instantly increase their credibility. However, things didn&#8217;t go accordingly as Bitcoin slumped.&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Bitcoin (BTC) Technical Analysis<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"960\" height=\"456\" src=\"\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.15-PM.png\" alt=\"\" class=\"wp-image-792\" srcset=\"https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.15-PM.png 960w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.15-PM-300x143.png 300w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.15-PM-768x365.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/figure>\n\n\n\n<p>The <a href=\"\/coins\/bitcoin\/\">price of the BTC\/USDT pair<\/a> is currently at $50,666. The support and resistance areas on the daily chart are at $47,903 and $59,481, respectively. The price action did take support from the daily support area to correct itself above $50k. The other crucial support levels to look out for are at $44,235, $42k and $36,325. BTC\u2019s price action can reach any of these levels in case of strong selling pressure. If at all bulls come back stronger from the $50k level, the price might reach the $59,481 or even go beyond to touch the $62k mark. &nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>Adding fuel to the fire, Elon Musk\u2019s recent tweet has further contributed to the selling pressure of Bitcoin. The tweet was an official announcement of Tesla stopping the acceptance of Bitcoin as a mode of payment. The tweet goes as follows.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Tesla &amp; Bitcoin <a href=\"https:\/\/t.co\/YSswJmVZhP\">pic.twitter.com\/YSswJmVZhP<\/a><\/p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1392602041025843203?ref_src=twsrc%5Etfw\">May 12, 2021<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Bitcoin (BTC) Sentiment on The Daily Timeframe<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"617\" height=\"500\" src=\"\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.01-PM-617x500.png\" alt=\"\" class=\"wp-image-794\" srcset=\"https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.01-PM-617x500.png 617w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.01-PM-247x200.png 247w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.01-PM-768x622.png 768w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.01-PM.png 978w\" sizes=\"auto, (max-width: 617px) 100vw, 617px\" \/><\/figure>\n\n\n\n<p>Source: Investing.com<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1088\" height=\"374\" src=\"\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.08-PM.png\" alt=\"\" class=\"wp-image-793\" srcset=\"https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.08-PM.png 1088w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.08-PM-300x103.png 300w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.08-PM-768x264.png 768w\" sizes=\"auto, (max-width: 1088px) 100vw, 1088px\" \/><\/figure>\n\n\n\n<p>Source: TradingView<\/p>\n\n\n\n<p>As you can see in the above images, the current BTC sentiment on the daily timeframe is bearish. Almost all of the indicators are forecasting a bearish signal in this crypto at this point. If you are an intraday trader, please refrain from taking any long positions. However, if you are an investor, you can\u2019t find a better price than this to buy and hold Bitcoin (BTC). According to expert predictions, the asset\u2019s value could rocket to beyond $64k once this pullback gets over. You can buy Bitcoin here for the best price at some of the <a href=\"\/exchanges\/\">most popular exchanges<\/a> in the world.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Ethereum (ETH) Technical Analysis<\/strong><\/h2>\n\n\n\n<p>Ethereum broke its previous all-time high value and also briefly touched the $4,400-mark yesterday. With this, Ethereum has entered the $500 billion Club for the first time since its inception. With this upsurge, Ethereum has now recorded an impressive 100% growth in a matter of 20 days.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"791\" height=\"500\" src=\"\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.51-PM-791x500.png\" alt=\"\" class=\"wp-image-788\" srcset=\"https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.51-PM-791x500.png 791w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.51-PM-300x190.png 300w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.51-PM-768x485.png 768w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.51-PM.png 842w\" sizes=\"auto, (max-width: 791px) 100vw, 791px\" \/><\/figure>\n\n\n\n<p>At the time of writing, the price of <a href=\"\/coins\/ethereum\/\">ETH\/USDT<\/a> was at around $3,910. The price did take support from the 4-hour support zone at $3,570 and could make a higher-high to create a brand new all-time high value. Other significant support areas are at $2,933 and $2,147 on the daily and weekly timeframes, respectively.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"858\" height=\"500\" src=\"\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.21-PM-858x500.png\" alt=\"\" class=\"wp-image-791\" srcset=\"https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.21-PM-858x500.png 858w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.21-PM-300x175.png 300w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.21-PM-768x447.png 768w, https:\/\/tradersofcrypto.com\/news\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-13-at-12.43.21-PM.png 958w\" sizes=\"auto, (max-width: 858px) 100vw, 858px\" \/><\/figure>\n\n\n\n<p>The only resistance level is at its current all-time high value &#8211; $4,411. The 10-period moving average is still under the price action indicating the continuation of a strong bull run. However, just as we saw in BTC\u2019s price action, the current ETH trend on the shorter timeframes is bearish. So, it is recommended to refrain from going long or take a double confirmation before going long in this pair.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>We hope you find this article informative and useful. In case of any questions or queries, please let us know in the comments below. Cheers!<\/p>\n#","protected":false},"excerpt":{"rendered":"<p>Bitcoin has gone down further to reach the $47k mark. Ethereum on the other hand, reached $500 billion in market capitalization as its price creates a new ATH to $4350.<\/p>\n","protected":false},"author":5,"featured_media":781,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[2,12,181,11,6,4],"class_list":["post-778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-bitcoin","tag-btc","tag-crypto-trading","tag-cryptocurrency","tag-eth","tag-ethereum","entry"],"_links":{"self":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/778","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/comments?post=778"}],"version-history":[{"count":0,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/778\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media\/781"}],"wp:attachment":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media?parent=778"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/categories?post=778"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/tags?post=778"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}