{"id":567118,"date":"2021-06-01T11:58:48","date_gmt":"2021-06-01T08:58:48","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=567118"},"modified":"2021-06-01T11:58:48","modified_gmt":"2021-06-01T08:58:48","slug":"bitcoin-btc-closes-the-month-of-may-with-35-31-in-monthly-returns","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-closes-the-month-of-may-with-35-31-in-monthly-returns\/","title":{"rendered":"Bitcoin (BTC) Closes the Month of May With -35.31% in Monthly Returns"},"content":{"rendered":"
The month of May 2021, will definitely go down in history as one of Bitcoin’s most volatile to date. Bitcoin opened the month at the $57,632 price area and would go on to hit a local high of $59,500 on May 8th. As soon as the latter level was reached, Bitcoin began a pullback that was accelerated by FUD that saw the King of Crypto hit a local low of $30k on May 19th.<\/p>\n
Key to Bitcoin’s woes in the month of May were the following two events:<\/p>\n
It is with this brief background of events that Bitcoin<\/a> has closed the month of May with -35.31% in monthly returns. This is the lowest value of monthly returns after September 2018 which closed with -36.57% as highlighted in the following chart courtesy of Bybt.com.<\/p>\n <\/a><\/p>\n Earlier today, Bitcoin hit a local high of $37,894 where it got rejected and started another slow fall to current levels of $35,917.<\/p>\n To note is that Bitcoin is still trading below the 200-day moving average for a total of two weeks now. The moving average is proving to be a tough resistance zone at $40k and will determine whether Bitcoin returns to bullish<\/a> territory in the days and weeks to follow.<\/p>\nBitcoin Gets Rejected at $37,894 and Still Trading Below the 200-day MA<\/h2>\n