The crypto market underwent an upward curve in the last two days, led by Bitcoin’s price increase that kept the positive sentiments alive among traders and investors.
Bitcoin has shown positive signs in the last two days. After a longer slump that led to static prices, Bitcoin’s price increase has become a welcome sign for the crypto market. On May 17, Bitcoin opened at around $65,000. Over the next 24 hours, it climbed steadily, closing at $67,000. Meanwhile, the week’s close marked seven days of an upswing for the crypto market cap.
Bitcoin’s recent price jump offered a glimmer of hope to traders who had remained cautious for a long time. Whether this marks a sustained uptrend or a temporary blip remains to be seen. Only time will tell if the factors influencing this rise maintain the momentum. However, since all negative trends couldn’t pull Bitcoin below $60,000, it is a positive sign.
Crypto analysis firm Rekt Capital said regarding the market, “We’ve had a deep correction, we’ve had a long correction, and when you have a mix of both, the bottom is always very close.”
A lot of traders and investors have held a perception that the dip in BTC was already over. If it has, then the road ahead could only be an uptrend for BTC. Other altcoins in the market have also mimicked trends similar to those of BTC.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,200 on May 19, 2024, with BTC/USD trading higher by a margin of 0.41% 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 (63,072.29), as BTC’s 24-hour volume was at around $15.6 billion. The global crypto market cap increased by around 3.4%, trading above $2.44 trillion. BTC’s year-to-date returns are at 59.50%.
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