Cryptocurrency Price on May 20: Bitcoin trades near $67k; Avalanche, Shiba Inu fall over 4%

Major cryptocurrencies experienced a downturn in Monday’s trading session as investors turned risk-averse amid the current global environment.

The global cryptocurrency market cap fell by 1% to approximately $2.41 trillion within the last 24 hours.

As of 10:06 a.m., Bitcoin was trading 0.15% lower at $66,931, while Ethereum experienced a 0.3% decline to $2,935. Additionally, altcoins such as XRP (-1.7%), Dogecoin (-2.8%), Cardano (-2.2%), Avalanche (-4.3)%), Shiba Inu (4.24%), Polkadot (2%), and NEAR Polkadot (2.1%) followed suit in the downward trend.

"Bitcoin traded at the $67,000 level over the weekend with an increase in Bitcoin spot ETF inflows. Additionally, the house bill heading towards the final vote added to the positive sentiment," said Edul Patel, CEO of Mudrex.

The next resistance is set at the $67,500 level and the support lies at the $65,500 level, he said.

Rajagopal Menon, Vice President, at WazirX, said, "Moving averages for Bitcoin indicate a ‘Buy’ sentiment as well as it has defied previous price levels. However, as May progresses, the price movement toughens due to price consolidation post-halving as well as mid-year sentiment shifts. If Bitcoin fails to sustain the $66k level, it could dip to $65.1k or $64.5k levels."

The volume of all stablecoins is now $49.08 billion, which is 90.98% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.213 trillion. Bitcoin's dominance is currently 54.49%, according to CoinMarketCap. BTC volume in the last 24 hours rose 21% to $28.9 billion.

Tech view on by ZebPay Trade Desk

BTC has risen over 8% this week, indicating that lower levels continue to attract buyers. Typically, in a range-bound market, traders buy ear the support and sell close to the resistance. This suggests the price may climb to the top of the range at $73,777. However, surpassing this level could prove challenging. Analysts are currently divided on Bitcoin’s next directional move. Some believe the correction is over and that Bitcoin is poised to break out to a new all-time high. Conversely, others anticipate that Bitcoin might turn down to retest the $60,000 support level, potentially moving lower. This divergence in opinions highlights the uncertainty and mixed sentiment in the market, making the next few trading sessions crucial for determining Bitcoin's trajectory.



Bitcoin witnessed a sharp correction after making a new all-time high of $73,777 and the prices fell almost by 23.35% and dropped to $56,552. Though the asset broke the psychological level of $60k it did not give a weekly closing below $60,000 as it took support at the key level of $56,000 and rallied up to $67,700. On a daily time frame, BTC is consolidating and trading from $67,500 to $60,000. The asset has a strong resistance at $67,500 and $73,777 whereas $60,000 and $56,000 will be a strong support for the asset.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)


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