Less than two days before the close of the month of May, and with nine consecutive weeks in decline, the price of bitcoin registers the most important rebound at the beginning of the week since last April 25. For almost three weeks, the price has been predominantly between $28,000 and $31,000.
At the time of writing this article, the price of bitcoin is at USD 30,600, which represents a 4.5% rally in the last 24 hours. This helped the cryptocurrency market capitalization rise 4.22% or $50 million to reach $1.26 trillion. The bitcoin price has fallen 19.17% during the month of May and 34% since the beginning of 2022.
also in the last week there has been a significant decrease in daily settlementsboth long positions and short positions, according to Coinglass data.
Of USD 379 million of long positions that were liquidated last Wednesday 25, this Sunday 29 positions for USD 28.55 million were liquidated. Similarly, liquidated short positions went from USD 263 million last Tuesday the 24th to USD 134 million this Sunday.
With bitcoin rising, the discussion about its future price continues
There are opposing views regarding the evolution of the price of bitcoin in the short and medium term. From the perspective of one of the main investment banks in the United States, JPMorgan, bitcoin would be 30% below its “fair price”, as reported by CriptoNoticias.
financial institution foresees a medium-term recovery of the bitcoin markets and cryptocurrencies.
Contrary to this bullish stance in the medium term, the number of bitcoin whales, or entities that control more than 1,000 BTC, is declining, as reported by CriptoNoticias this past Sunday, May 29.
From its historical maximum of more than 2,100 entities with more than 1,000 BTC at the beginning of 2021, that number has dropped to 1,737, the lowest in 22 months. From this it is inferred that BTC have been moved to exchanges, probably to be sold.