Decentral Block Post

Bitcoin (BTC) fought for $28,000 support on May 2 after the month opened to multiday lows.

BTC price: “Big volatility on the horizon”

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it returned to the $28,000 mark on Bitstamp.

The previous day’s Wall Street open had brought the latest wave of downside volatility, with the pair dipping below $27,700.

This followed a leg lower immediately after the weekly and monthly close, with $30,000 and upward feeling increasingly out of reach.

Market participants’ BTC price targets reflected the mood. Michaël van de Poppe, founder and CEO of trading firm Eight, argued that a rematch with both $25,000 and $30,000 was still on the table.

Bitcoin (BTC) headed toward $28,000 support after the May 1 Wall Street open as markets digested fresh United States banking jitters.

Suspicions mount over First Republic contagion

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to multi-day lows at the time of writing.

The pair continued a comedown that began after the weekly and monthly candle close, shedding over $1,000 since that time.

The start of the week saw a potential volatility catalyst during Asia trading as First Republic Bank was sold to JPMorgan Chase by the U.S. government.

Amid suspicions over the legitimacy of the move, First Republic became the second-largest bank failure in U.S. history.

JPMorgan Chase emerged as the winner in the auction to acquire the deposits and a “substantial majority of assets” of the troubled bank First Republic. This marked the failure of the third regional bank in the United States since March and laid open the vulnerabilities in the legacy banking system.

Meanwhile, Bitcoin (BTC) has risen for four consecutive months from January through April, a feat it last achieved in 2013. Will the recovery extend in May?

Historical data does not give a clear advantage either to the bulls or the bears in May. The performance is split right in the middle with five positive and five negative monthly closes in May, according to Coinglass data.

The recovery in Bitcoin is facing a stiff hurdle above $30,000, indicating that the bulls are wary of buying at higher levels. That could be because of the upcoming Fed’s meeting on May 2 and 3, which is known to cause an increase in short-term volatility.

What are the levels that the bulls need to defend on Bitcoin and select altcoins if they want to keep the chances alive for the continuation of the up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.