Stabilization in the Asian and European stock markets contributed to the stabilization of the cryptocurrency market. The price of Bitcoin was able to return above 30,000 and so far has been holding above this level.
Recently, the CEO of CryptoQuant, Ki Yong Joo, commented that despite the price volatility, institutional investors continue to collect cryptocurrencies. They do it through market makers.
Over the past week, we have seen a significant movement of coins between crypto exchanges. From May 7 to May 10, market makers moved 84,000 BTC between Gemini and Binance. The movement of coins from Binance to Coinbase was also recorded. Such the movements created pressure on cryptocurrencies. Totally the market makers sent about $2.5 billion worth of Bitcoins to the exchanges.
On the 1-hour chart, the BTC/USD pair is trading around the 30,000 level, just above the 100 hourly moving average. It provides support for the pair of around 29,900. BTC/USD needs to rise above the 30,700 resistance level to continue its growth. A successful close above this level will allow BTC/USD to ascend to the 31,350 area. A move above this level will let the pair rise to the 32,500 area.
On the other hand, if the BTC/USD pair fails to overcome the 30,700 resistance level, it will approach the 30,000 support level. A break below this level will send the BTC/USD pair to the 29,500 area. A movement below this level will allow the pair to drop to the 29,000 support level.
