Several wide-ranging factors helped the crypto market rally on May 20, leading to Bitcoin price targets at $70,000 being met after over a month of uncertain movements.
Traders had been looking forward to Bitcoin reaching its bullish price targets for over a month. Finally, on May 20, a steep upside occurred, and bulls helped fulfill the month-long Bitcoin price targets above $70,000. The only concern remains regarding its consolidation. If it happens, a high possibility could arise of Bitcoin even crossing $100,000 soon.
A major reason for this rally could be the surging spot ETF inflows over the last few days. A leading market analysis firm noted this trend in its report. It also revealed that these ETF inflows amounted to almost $1 billion during the previous week. The firm credited the favorable CPI report from the US for the high inflows.
The report said, “Digital asset investment products saw inflows for the second week totaling US$932m. The inflows were an immediate response to the CPI report, with the latter 3 trading days of the week making up 89% of the total flows.”
Meanwhile, the uncertainty over a spot Ethereum ETF in the US had kept ETH over the same price range for days. But in the last 24 hours, ETH witnessed over 17% returns and hiked over $3,600. Several altcoins were also in the green.
BTC/USD 1D price chart
Bitcoin is currently trading at around $70,900 on May 21, 2024, with BTC/USD trading higher by a margin of 6.17% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.4 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (63,466.16), as BTC’s 24-hour volume was at around $52.89 billion. The global crypto market cap increased by around 7.68%, trading above $2.61 trillion. BTC’s year-to-date returns are at 69.44%.
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