Early on May 7, cryptocurrencies were trading in the red. The worldwide crypto market capitalization is $1.65 trillion, down 0.92 percent from the previous day. The overall crypto market volume over the last 24 hours has decreased by 17.85 percent to $93.61 billion.
The overall volume in Defi is currently $9.81 billion, accounting for 10.48% of the entire 24-hour volume in the crypto market. The overall volume of all stable coins is now $85.10 billion, accounting for 90.90 percent of the total 24-hour volume of the crypto market.
Bitcoin’s price is currently $$35,801.95, with a 41.47 percent market share. According to CoinMarketCap data, this represents a 0.03 percent increase over the previous day.
The US Treasury Department announced on May 6 that it has placed sanctions on virtual currency mixer Blender, accusing it of being involved in one of the greatest cryptocurrency heists ever and being utilized by North Korea.
Bitcoin Bumpy Ride Ahead
Bitcoin (BTC) will trade without a distinct direction in the coming months, according to well-known crypto analyst Benjamin Cowen.
Cowen tells his 732,000 YouTube followers in a new strategy session that Bitcoin is likely to have “pretty bumpy months ahead” as the Federal Reserve ramps up its inflation-fighting measures, including rising interest rates.
“As the Fed continues to raise interest rates and whatnot throughout the year and we deal with them rolling over the balance sheet and ultimately fighting inflation, I still think we have fairly choppy months ahead of us.”
According to the cryptocurrency researcher, Bitcoin would have to break through two critical resistance levels in order to decisively break out of its current trading range.
He says the levels that we’d like to get back above in the case of a short-term sustained recovery are $41,400 and $42,500. $41,400 and $42,500, respectively. That’s the level we’d want to see Bitcoin return to. Until then, we’ll just keep doing what we’ve been doing for the past few months.
According to Cowen, Bitcoin has spent more time in the current range than it did during the downturn from the all-time high in November 2021 to the low in January this year.
He feels this range has lasted longer than the downturn. The downturn from the time we first started heading down [$69,275] lasted 11 weeks.
You could say that we’ve been in this one for 14 weeks based on this sort of bottom [$32,987]. So we’ve been in this range for a lot longer than the initial decline lasted, he explained.