The crypto market ended the previous month with a neutral outlook, but the overall Bitcoin trends have stayed positive, riding on the backs of bulls and long-term investors.
The month of May 2024 turned out to be a net positive month for Bitcoin, with over 13% returns. As a result, the broader Bitcoin trends continue to tread on a bullish path. The effects have spilled across the crypto market, as bears failed to gain control and cause a major dip last month. On the other hand, bulls have stayed active and helped the market rise steadily.
Signs of consolidation for BTC are clearly visible in the range between $66,000 and $68,000. Hence, the overall crypto outlook has also been on the upside. This momentum of the positive crypto outlook would have to be consistent for a BTC rally to $100,000 in June.
Except global macroeconomic indicators, no other major triggers for the market are on the horizon for now. Crypto traders and investors might be anticipating the rollout of the Ethereum ETFs as soon as possible to improve inflows in the market. In hindsight, ETH had a fantastic run recently, with 30-day returns of over 27%. Its market cap has expanded to over $455 billion.
The overall crypto ecosystem has also seen multiple regulatory developments and exploration projects in the previous month. The outcomes of these events have been favorable.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,700 on June 2, 2024, with BTC/USD trading higher by a margin of 0.10% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.33 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (66,030.44), as BTC’s 24-hour volume was at around $11.18 billion. The global crypto market cap increased by around 0.19%, trading above $2.53 trillion. BTC’s year-to-date returns are at 61.11%
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