Bitcoin has been trading within a narrow range, indicating the possibility of a strong trending move soon. Market intelligence firm Glassnode suggests that Bitcoin’s seven-day price range is comparable to Jan 2023 and July 2020, both of which preceded large market moves. Even the S&P 500 index is in a critical position, with market participants closely watching the outcome of debt ceiling negotiations before attempting to start a trending move. The upcoming macroeconomic data could also provide insights on the actions of the United States Federal Reserve in its next meeting. Support and resistance levels for Bitcoin and other altcoins are analyzed through chart studies in the article.
Price analysis 5/22: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC
