After sustaining a firm support level and preventing any bearish pressures, the BTC price range has stayed static above $68,000, with uncertainty about its next move.
Since the weekend, the BTC price range hasn’t seen much volatility. Optimism stems from the fact that its support at $68,000 hasn’t given away either. A section of analysts note how Bitcoin could get static for some time until the spot Ethereum ETFs start trading in the US. After the ETFs are launched, the bullish price metrics could also spill over to Bitcoin.
Meanwhile, ether’s price witnessed an uptrend in the last 24 hours, going up by 2.4%. Its market cap has also surged, inching closer to the $500 billion mark. Its daily trading volumes since May 26 have been almost to that of Bitcoin, while seven-day returns have touched 26%.
The key resistance for BTC has formed at around $69,000. Once bulls breach this zone, the crypto market may rally once again. However, institutional investors holding a cautious stance could have also led to a relatively quieter start to the week. Although predictions for Bitcoin have soared since last week, traders have to avoid a retracement within this week.
Moreover, a price dip may not occur as yet, as Bitcoin’s weekly close last week was its best since April. The present market sentiments could be much better than what its trading range indicates.
BTC/USD 1D price chart
Bitcoin is currently trading at around $68,400 on May 27, 2024, with BTC/USD trading lower by a margin of 0.6% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.35 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (64,344.02), as BTC’s 24-hour volume was at around $19.28 billion. The global crypto market cap decreased by around 0.2%, trading above $2.56 trillion. BTC’s year-to-date returns are at 63.26%.
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