The week’s beginning presented an optimistic outlook for the entire crypto market, stemming from the strength in Bitcoin’s price graph, which represented an upward trend.
Bitcoin and other crypto tokens emerged much stronger from the weekend, displaying better price trends. Bitcoin’s price graph was a steep upward trend line, indicating rising support from traders and investors. They have started accumulating BTC, likely owing to improving crypto indicators throughout the market.
On-chain volume on Bitcoin has increased exponentially in 2024. Data shows that the value of Bitcoin transactions touched $25 billion this year. In the last days of the previous month, over 300,000 BTC was moved, and the overall transaction values have reached one of their highest levels. Thus, Bitcoin whales have been very active in the crypto market.
As BTC inches closer to $70,000, market stakeholders may hope for consolidation above the level again. Consolidation above $70,000 has evaded BTC for months, and bulls must breach the resistance zone to achieve it. The resistance around $69,000 has been high in the last few weeks. ETH was stagnant among other tokens, likely focusing on a cautious stance until the ETH ETFs go live. SOL and XRP marked marginal returns in the last 24 hours.
For now, crypto traders may continue to try sustaining BTC between $66,000 and $69,000. If possible, they could stage a price breakout.
BTC/USD 1D price chart
Bitcoin is currently trading at around $69,100 on June 3, 2024, with BTC/USD trading higher by a margin of 2.78% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.37 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (66,320.10), as BTC’s 24-hour volume was at around $25 billion. The global crypto market cap increased by around 2.13%, trading above $2.59 trillion. BTC’s year-to-date returns are at 64.78%
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