(5/19, Wed) btc closed -1.7% down and needs big momentum to get over this downtrend

Yesterday(5/18 00:00 - 24:00, UTC+0), bitcoin price recorded its starting as $43582, its lowest as $42250, its highest as $45798, its closing as $42854. Bitcoin has maintained a small trading volume since the start of Tuesday, rising and peaking at 06:00, then moved sideways for 5 hours, then began to decline with increasing sell volume from 12:00 and fell to around $43,000 at 14:30. After that, it repeated to rise and fall, reaching a low at 23:00 and then rising, closing a final -1.7% decline.

Bitcoin continues to be blocked for the fourth time at the 50MA resistance line, which was broken down through on May 12 on the 1-hour chart, with no momentum for an upward reversal. Dominance fell further to 40.0 and some altcoins, including Ethereum, rose, but the market is no longer the big altcoin bull market we saw just a week ago.

In the financial market, the stock market still fell even after the tax reporting deadline of the previous day had passed, mainly due to the delay in economic recovery by the shortage of semiconductors and the remarks of a boycott of the US House of Representatives at the Winter Olympics in China. Also, the fall of the dollar to 89.8 is also not considered a good signal for the US financial market, and this situation seems to be a material that makes the cryptocurrency market darker.

In the news about the cryptocurrency market, the US SEC chairman said that Elon Musk's tweets could cause great damage to the crypto market and said that reasonable regulation is necessary. Unless this is resolved soon, it is highly likely that Bitcoin's ETF approval, whose market price changes rapidly due to this problem, will also be overrun.