Bitcoin Price Holds At $27,100 – The Crypto King Is Stuck In A Rut

May 31, 2023 anon Market Analysis
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Bitcoin price May 31
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Bitcoin (BTC) price impressed traders and investors last weekend, rallying almost 10% with a newly found bullish momentum. However, there has not been much activity for the king crypto since then, as it was stuck in a rut with no directional bias.

The stall seems to have given bears a chance to recover the market, with Bitcoin recording a daily drop of almost 3% to auction for $27,137 as of the time of writing. Notably, more than 50% of the ground covered in the weekend rally has been cleared, with more losses in sight for the crypto king.

Bitcoin Price Creates Stark Contrast Between Pulsechain DEX And Spot Market Value

Meanwhile, Bitcoin price recently hit a $70,000 high on the decentralized exchange (DEX) PulseChain, recording a flash surge that saw BTC rise from its current price range of around $27,000. The report came after the Dexscanner platform provided real-time insights into liquidity and trading volumes across decentralized exchanges, noting a trading volume nearing $19.8 million in the preceding 24 hours on May 24 as a trading frenzy ensued.

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While the price surge lasted a meager 10 minutes after a 20-minute run, it starkly contrasted Bitcoin’s spot value. (Compare the two charts featured in this article).

WBTC/WPLS
TradingView Chart: WBTC/WPLS

The volatile price action seen in the chart above can be attributed to the relatively low liquidity of the wrapped Bitcoin (WBTC) token. For the intelligent reader, WBT is a digital asset pegged to Bitcoin that circulates on the Ethereum network.

Earlier this month, the price of Bitcoin saw an unexpected and brief surge on Bitfinex’s perpetual swaps after its price rose to $56,000, significantly surpassing levels seen on other platforms and Bitfinex’s exchange just moments before and after the event.

To put the above information into context, there was a sudden increase in Bitcoin trading volume earlier this month, which occurred in tandem with a price spike for BTC. When it happened on Bitfinex’s Bitcoin perpetual contracts, trading volume surged to 322 BTC, or $9.1 million. Notably, this accounts for approximately a quarter of the daily volume of the WBTC/WPLS trading pair. According to Bitfinex’s trading platform data, some traders’ positions were liquidated because of the flash rally.

Nevertheless, some analysts are bullish on BTC, with the likes of derivatives exchange BitMEX co-founder and former CEO Arthur Hayes reaffirming his belief that the Bitcoin price will explode to over $1 million.

Bitcoin Price Prediction AS BTC Maneuvers The Trenches

Bitcoin price is trading with a bearish bias on the higher timeframes suppressed by a downtrend line leading down from the April 19 high. Unless BTC overcomes the resistance presented by this hurdle, investors should expect more losses.

Meanwhile, as Bitcoin price continues to move diagonally along the downtrend line, BTC has lost the 50-day Exponential Moving Average (EMA) support at $27,424. This was after it was flipped into a resistance level during the Wednesday trading session, increasing overhead pressure.

As such, the ensuing overhead pressure could suppress Bitcoin toward the 100-day EMA at $26,489 or, in the dire case, a break below $25,923 and fall into the $25K range by tagging the 200-day EMA at $25,118.

As the chart below indicates, the Relative Strength Index (RSI) was also on a downtrend, suggesting weakening buyer participation. The position of the RSI below the midline suggested bears had taken over, and Bitcoin price could drop further.

Further, the Moving Average Convergence Divergence (MACD) indicator was also in the negative territory, suggesting bears were leading the market. This and the fading histograms added more credence to the bearish case.

Bitcoin price May 31
TradingView Chart: BTC/USDT 1-day chart

On the other hand, a bullish resurgence and the subsequent buying pressure could see Bitcoin retest the resistance offered by the downtrend line around $28,600.While a daily candlestick close above this level would tip the odds in favor of the bulls, the bearish thesis would only be invalidated upon a decisive candlestick close above the $30,801 barricade.

Promising Alternative To Bitcoin

Switch your gaze from Bitcoin and consider DLANCE, the ticker for the DeeLance ecosystem. A recent entrant in the decentralized cryptocurrency market, the project presents a space where the world works together smartly.

DeeLance operates as a freelancing and recruitment platform based on Web3 technology to revolutionize how freelancers connect with potential employers.

It is built atop a solid foundation, supported by three strategic pillars, a cutting-edge non-fungible token (NFT) marketplace, a revolutionary metaverse, and an innovative recruitment platform. The three fundamentals provide comprehensive infrastructures to streamline the freelance process while creating a seamless experience for every user.

If you think about it, the project brings a much-needed difference in a terminal generation, where freelancing has become an actual job. The project takes things up a notch, providing transparency and digital work ownership to freelancers and buyers alike.

DeeLance leverages a web3-oriented digital ecosystem to establish new avenues for professionals and creators to profit from the agile, dynamic, fast-paced metaverse concept.

The project also provides access to top-tier job opportunities. Here, buyers can access some of the best professionals in the industry. This helps identify the right skill set and experience to do the job.

Moreover, the fact that the platform uses a fully decentralized platform further supports this feature. This is because it ensures a global reach. Additionally, the platform’s vast experience in staffing solutions ensures that clients receive optimal results. This comes due to refined freelancer selection protocols after vetting.  

Presale

The project debuted only recently with the presale of its native token, DLANCE, running on the Ethereum blockchain. The total supply of DLANCE tokens is 1 billion, with the token’s utility coming into play within the ecosystem.

The token is tailor-made so users can enjoy a seamless transaction process where their overall experience is improved or enhanced. Use cases for the token include:

Purchasing virtual land and offices within the metaverse
Purchasing NFTs within the NFT Marketplace
Leasing offices
Advertising purposes
Paying for services or buying additional features within the DeeLance ecosystem

This ticker token is auctioning for $0.029 USDT. Buyers have only hours to the next stage, where buyers will get one DLANCE for $0.038 USDT. This means that now is the best time to buy DLANCE so that you enjoy early investor profits upon listing. The launch price is set at $0.055 USDT.

To learn more about the DeeLance crypto presale, watch this video for an insightful exploration of the project. You can also subscribe to the YouTube channel for updates to keep you abreast of project developments.

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