Market enters a ‘wait-and-see phase’ as Bitcoin struggles below $40,000 By Cointelegraph

Goldman Sachs launches limited BTC derivatives trading desk By Cointelegraph

Market enters a ‘wait-and-see phase’ as Bitcoin struggles below $40,000

Price action for (BTC) and the wider cryptocurrency market was relatively subdued on May 27 as nervous traders remain unsure of what comes next following last week’s market plunge that saw leveraged traders wiped out as BTC dipped as low as $30,000 before its price rebounded.

Data from Cointelegraph Markets Pro and TradingView shows that while Bitcoin’s price has managed to put in higher highs and higher lows over the past week, bulls continue to face stiff resistance at any meaningful attempt to break above $40,000 as bears defend the psychologically important level.

4-hour chart. Source: TradingView
Estimated leverage ratio for Bitcoin. Source: CryptoQuant
BTC net transfer volume to/from all exchanges. Source: Glassnode
Entities net growth for Bitcoin. Source: Glassnode