Bitcoin’s weekly gains dip after sell-offs in the last 24 hours

After Bitcoin’s weekly gains registered early progress with almost 3% returns on May 13, a minor wave of sell-offs brought it down minimally back to around $61,900.

Bitcoin traders are holding cautious positions in the crypto market, leading up to authorities publishing macro reports in the US. A few of these reports can impact Bitcoin’s weekly gains, which have been trading lower over the last 24 hours. The crypto market could react to these reports, with swings in volatility.

On the other hand, the BTC price cycle has presented positive comments from leading analysts. Rekt Capital, the analysis firm, announced BTC was out of its post-halving danger zone. According to the firm, an accumulation phase may soon start among Bitcoin traders and investors. If one observes BTC’s movements after the halving event, the optimistic factor emerges from it holding $60,000 as its support.

Another reason that could have led to the recent slowdown is the outflows in the Hong Kong crypto ETFs. These ETFs had a slow start earlier but had witnessed encouraging inflow numbers. It posted a reverse trend on May 13 and saw increasing outflows. 

Among altcoins, Solana has held its price at around $145. Other tokens like DOT and MATIC have also held static but stable trading ranges over the last few days. Meanwhile, ETH is trading just below $3,000. 

BTC/USD 1D price chart

Bitcoin is currently trading at around $61,600 on May 14, 2024, with BTC/USD trading lower by a margin of 1.33% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.22 trillion in the last 24 hours.

BTC/USD is trading above its 20-day EMA (62,602.47), as BTC’s 24-hour volume was at around $25.4 billion. The global crypto market cap decreased by around 1.51%, trading above $2.26 trillion. BTC’s year-to-date returns are at 47.41%.

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