As Bitcoin continues to go upward, a BTC price breakout could be on the horizon as traders and investors have turned towards an optimistic zone.
In the last 24 hours, Bitcoin has tested the area at around $66,000 for its new trading range while holding its support below $65,000. Moreover, with predominantly positive sentiments, a BTC price breakout may happen around $70,000. That could be all it takes until the ensuing crypto market rally takes it to $100,000. Macroeconomic factors have also turned to the green recently, adding a bonus for a crypto market rally.
ETH hasn’t seen much of the sentiments flowing through its prices yet. It has just moved up by 1% to trade around $3,040. On the other hand, Solana was a clear gainer, as it saw 3.4% returns. Its seven-day returns have also hit 10%. SHIB, DOT, and AVAX also went up in the last seven days.
Broadly, Bitcoin’s trading range is theoretically hovering between $50,000 and $70,000, with no signs of consolidation. For a rally to take shape, bulls would have to overcome Bitcoin’s resistance area and consolidate soon. On a positive note, since BTC is trading in the upper end of its range, bulls are at an advantage.
Bitcoin’s downtrends have also eased, with bearish action diminishing in the last few days.
BTC/USD 1D price chart
Bitcoin is currently trading at around $66,200 on May 17, 2024, with BTC/USD trading higher by a margin of 0.11% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.3 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (63,040.14), as BTC’s 24-hour volume was at around $31.3 billion. The global crypto market cap increased by around 0.56%, trading above $2.4 trillion. BTC’s year-to-date returns are at 57.98%.
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