Since dropping below the ascending channel trendline to $8,815 on May 21, Bitcoin (BTC) price has recovered four.78%. BTC/USD continues to meet resistance at the 20-day moving boilerplate, obstructing traders' desire to push the price above $9,300.

Crypto market weekly cost chart. Source: Coin360

In the U.s., this weekend includes the Memorial Day holiday, significant traditional markets will be closed on Monday and the crypto market will be left to its own devices.

Typically trading volume thins on weekends so investors who discover time to step abroad from the family BBQ will be watching to see whether or not larger players exploit the marketplace to button the price of the meridian-ranked asset on CoinMarketCap in a new management.

BTC USDT 4-60 minutes chart. Source: TradingView

In the 4-hour nautical chart, we can see Bitcoin'southward price marching along the gradient of the ascending channel trendline past painting higher lows. The price continues to encounter resistance at the 20-MA of the Bollinger Band indicator but traders will besides notice that there is a balderdash cross on the MACD and the indicator'due south histogram has printed a green bar to a higher place 0.

The RSI is also beneath the neutral zone (l), currently angled downward at 45. In situations such as these, purchasing book is the key signal to watch, and at the time of writing, both buy and sell volume take screeched to a halt. Book typically precedes price then keeping a shut heart on increases in purchase or sell book on the shorter timeframes will exist the tell.

The neutral Doji candle also shows buyers and sellers in equal contention on the direction of the price and based on the current setup, Bitcoin could either drop to the lower Bollinger Band arm at $8,865 where at that place are likely to be buyers.

Alternatively, a surge above the xx-MA would let the price to run to $ix,600 by exploiting the VPVR volume gap created by the swift fall from $ix,634 to $8,820 on May 21.

BTC USD 1-month chart. Source: TradingView

On May 22, Cointelegraph contributor filbfilb warned that Bitcoin cost only has i week to brand a decisive move that volition define whether Bitcoin makes a decisive move that favors bulls or bears. filbfilb posted the above chart and explained that:

The monthly chart of Bitcoin clearly demonstrates that Bitcoin has a long-term challenge to overcome, which is reclaiming the $10K handle. But more specifically, information technology must tape a $9,300 monthly close that has eluded Bitcoin for the final ten months, which sets the tone for the electric current price activity.

Bitcoin daily price chart. Source: Coin360

As Bitcoin mounted a dull recovery on Friday, many altcoins took advantage of the sideways trading past pulling off strong double-digit rallies.

OmiseGo (OMG) connected its strong upside movement for a second day by gaining 14.92%. Cardano (ADA) followed arrange by adding 7.27%, and Neo (NEO) moved higher with a 7.66% gain.

Co-ordinate to CoinMarketCap, the overall cryptocurrency market cap now stands at $257.9 billion and Bitcoin'south dominance rate is 66.1%.

Keep runway of superlative crypto markets in real time here