After a day of uncertain token price movements, a Bitcoin recovery period has taken over sentiments, with the overall crypto market outlook looking much better than earlier.
Bitcoin and its price range floated in the upper circuit over the last 24 hours, leading to better prospects. This Bitcoin recovery stage may last a few more days, which could also result in a rally. This is possible since multiple altcoins have seen rising prices recently, which are only going up steadily. ETH, with the most bullish signals, may also cross $4,000 within this week.
On the other hand, a few other factors have also contributed to the improving crypto market outlook. The equity markets in the US are booming, which is a good sign. Although there is no direct correlation between the equity markets and crypto, overall macro sentiments have affected crypto token prices in the past.
Secondly, the US has taken a positive approach to regulation in the crypto sector. Last week, the passage of two bills created an optimistic stance among crypto traders and investors. Presidential candidates in the US have also publicly supported crypto.
Finally, global crypto ETFs have seen better inflows over the last few days. This is a sign of crypto investors raising their stakes in crypto. Countries across the world are continuing their exploration projects on various use cases and applications of crypto.
BTC/USD 1D price chart
Bitcoin is currently trading at around $68,500 on May 28, 2024, with BTC/USD trading higher by a margin of 1% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.36 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (65,379.98), as BTC’s 24-hour volume was at around $28.9 billion. The global crypto market cap increased by around 1.2%, trading above $2.58 trillion. BTC’s year-to-date returns are at 63.60%.
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