Bitcoin (BTC<\/a>) eyed a reclaim of further lost ground on May 5 as $30,000 remained in play.\u00a0<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it spiked to $29,529 on Bitstamp \u2014 a new May high.<\/p>\n The pair had dipped with United States equities<\/a> at the Wall Street open the day prior, but the weakness was short-lived as $29,000 support returned.<\/p>\n Ongoing market jitters from the U.S. banking crisis, now impacting several regional banks, continued to shape observer sentiment.<\/p>\n What are we drinking this weekend, left or right bank? pic.twitter.com\/Mp2yXcI2Fa<\/a><\/p>\n \u2014 Arthur Hayes (@CryptoHayes) May 4, 2023<\/a><\/p><\/blockquote>\n \u201c100% of all regional banks in the United States have their stocks in the red today, for the first time ever,\u201d crypto media account Whalewire noted<\/a> on Twitter. <\/p>\n \u201cThis comes a day after Federal Reserve Chair Jerome Powell said the US banking system was stronger than ever.\u201d<\/p><\/blockquote>\n Financial commentary resource, The Kobeissi Letter, considered the potential for the fallout to continue to ripple outward.<\/p>\n \u201cToday is the first day since March that markets are taking the banking crisis seriously,\u201d it argued<\/a> as stocks and crypto fell. <\/p>\n \u201cS&P 500 is down over 100 points from its high this week while regional banks are at fresh lows. At first, it appeared the crisis was isolated. Perhaps this isn\u2019t as isolated as it seemed.\u201c<\/p><\/blockquote>\n After the Federal Reserve raised interest rates this week, market expectations nonetheless pivoted to predicting an end to the hiking cycle. According<\/a> to CME Group\u2019s FedWatch Tool, the next rate decision, due in mid-June, will not result in another shift higher.<\/p>\n When it came to BTC price action, traders eyed the potential for a closer rematch with $30,000 and higher.<\/p>\n Related:\u00a0BTC price may need a $24.4K dip as Bitcoin speculators stay in profit<\/a><\/em><\/strong><\/p>\n $BTC<\/a> \/ $USD<\/a> – Update <\/p>\n Playing around with ideas at the moment on #Bitcoin<\/a> .. Now i do not use these sort of trend lines often, but i cannot ignore this one as coincides nicely with the range high i am looking for us to hold <\/p>\n Best case we tap range $32,000 and dump pic.twitter.com\/1J7JfGzCvg<\/a><\/p>\n \u2014 Crypto Tony (@CryptoTony__) May 5, 2023<\/a><\/p><\/blockquote>\n Popular trader Alan, known as Trader Tardigrade, was optimistic about upside continuation, which could mimic its breakout from late 2020.<\/p>\n \u201cBitcoin has entered the phase of \u2018Storing of power,\u2019\u201d he told<\/a> Twitter followers alongside a comparative chart. <\/p>\n \u201cThis is for the preparation of the incoming Bull Run.\u201d<\/p><\/blockquote>\n On shorter timeframes, fellow trader Ninja set more conservative levels to return as support.<\/p>\n \u201cBulls should hold above $28.9-$29k…the quicker they reclaim above $29.2k the better,\u201d he wrote<\/a> in part of a fresh analysis.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/6b32de8f-f1c3-42de-9866-332ca623817c.png\")
BTC price action rebounds from stocks slump<\/h2>\n
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Trader: $32,000 \u201cbest case\u201d for Bitcoin<\/h2>\n
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