Traders and investors, all with a bullish outlook, have pointed towards the robust Bitcoin price metrics to post predictions and hints towards a big rally soon.
A strong support level, active bull support, and no sell-offs. These are a few of the many Bitcoin price metrics that have renewed hopes for a longer rally in the crypto market. If it occurs, there’s a high possibility of Bitcoin hitting $100,000 within the first half of 2024. On the other hand, bulls have to protect BTC’s support level to avoid a downward move.
In the last couple of days, most crypto tokens witnessed a steady recovery. These crypto token prices moved in tandem with Bitcoin. A likely spot Ethereum ETF in the US is also boosting optimistic sentiments in the market. Other technical indicators in the market also look much better than in the last few weeks.
Bitcoin’s short-term price action is crucial at this juncture. If it sways towards the upper end of its range, one could expect further upsides. But even a slight hint of selling pressure could be an obstacle to a rally. Such possibilities haven’t emerged yet, as of May 23.
The spot ETF inflows also have to hold their upward momentum in the days ahead. If they continue attracting such volumes of inflows, BTC could rise more in this month itself.
BTC/USD 1D price chart
Bitcoin is currently trading at around $69,500 on May 23, 2024, with BTC/USD trading lower by a margin of 0.03% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.38 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (63,906.75), as BTC’s 24-hour volume was at around $31.4 billion. The global crypto market cap decreased by around 0.71%, trading above $2.59 trillion. BTC’s year-to-date returns are at 65.68%.
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