The Bitcoin price action overcame the $68,000 and is currently trading above it, while analysts are positive regarding the recent US macro data that could impact the crypto market.
Bitcoin was facing stiff resistance at $68,000 from the past two days. It finally staged a breakout, and the Bitcoin price action looks set to fight bearish action around $69,000. This zone has been difficult for BTC to surpass for over a month. Meanwhile, the recent US macro data could be another factor that impacts the market in a bullish way.
The data revealed cooler inflation for the world’s biggest economy, signaling the possibility of an interest rate cut in 2024. That could spike liquidity in the crypto market and lead to a rally. Moreover, the Federal Reserve’s next monetary policy meet will be held in June 2024.
Bitcoin’s present movements look similar to its trading range between August and October 2023. During that period, it faced much lower volatility than usual. But a broad based rally succeeded in the stagnant phase. If BTC follows similar patterns in 2024, one could see a big rally in the next few months.
ETH also faced uncertain price movements since May 30. Although it has moved up since the beginning of the month, the $4,000 trading level has become a resistance level. Other tokens like SOL and DOT were stable with little volatility.
BTC/USD 1D price chart
Bitcoin is currently trading at around $68,200 on May 31, 2024, with BTC/USD trading higher by a margin of 0.38% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.34 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (66,063.32), as BTC’s 24-hour volume was at around $27.5 billion. The global crypto market cap increased by around 0.63%, trading above $2.54 trillion. BTC’s year-to-date returns are at 62.68%
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