After weeks, Bitcoin’s strength in its price range has finally picked up, with the token going over $70,000, displaying all signs of a possible consolidation phase in the next few days.
Bitcoin has approached the $72,000 resistance zone over the last 24 hours, which sent token prices soaring in the crypto market. Beyond the zone around $69,000, its current trading area has been a cause of concern for months. BTC has touched this trading range multiple times in the last few months, but hasn’t consolidated. This time though, Bitcoin’s strength looks firm for a breakout above this zone soon.
In the later hours of June 4, BTC indicators turned heavily bullish and breached $69,000. The momentum continued as traders took the cue from the BTC indicators and went on a buying spree. Currently, the quantum of buyers has likely hit the brakes, but Bitcoin is still above $70,000. This could be another opportunity for BTC whales to aid the crypto market and help its overall capitalization hit $3 trillion.
The increasing involvement of institutional investors in the crypto space is a well-documented trend. After the recent rally, there might have been a renewed influx of institutional capital into Bitcoin. This is where the spot Bitcoin ETFs could come in handy for investors. All stakeholders in the crypto market will possibly observe the market trends closely in the upcoming days.
BTC/USD 1D price chart
Bitcoin is currently trading at around $71,100 on June 5, 2024, with BTC/USD trading higher by a margin of 2.65% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.39 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (67,152.34), as BTC’s 24-hour volume was at around $37.5billion. The global crypto market cap increased by around 2.75%, trading above $2.63 trillion. BTC’s year-to-date returns are at 68.97%
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