The overall macroeconomic situation looked better with the US debt crisis resolved, as crypto cruised higher than the previous week.
Traders witnessed positive sentiments as crypto cruised past its lower levels, as macroeconomic forecasts improved over the last 24 hours. Bitcoin took time to recover after the US debt ceiling talks were fruitful, as it slowly rose from below $27000 and crossed the mark.
The next events on the crypto calendar could be the US non-farm payroll data that is to be released shortly, while other indicators remain broadly neutral. Global prospects are still uncertain though, and interest rate hikes could continue for another month or so. The US Fed had earlier indicated towards pausing the rate hikes, but the outcome remains to be seen.
Even as crypto cruised past its flat trends, the resistance for Bitcoin formed at $27200, while its support was at $26500. Analysts expect the current bullish trends to continue, which could stretch Bitcoin till $32000 if strong support is provided by the bulls.
Amongst other crypto tokens, Litecoin was trading higher by 2%, while Polkadot, Cardano, Polygon and XRP were also in the green. The overall capitalization of the crypto market increased by around 1.17% in the past 24 hours, and pushed towards $1.15 trillion. ETH also surged by 1.5%, and is currently trading at $1891.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27100 on June 2, 2023, with BTC/USD up by around 1.14% in the previous 24 hours. BTC/USD is trading higher than its 20-day EMA (27,097.19) as BTC’s 24-hour volume stayed just above $13.2 billion. Bitcoin has seen around 62.58% returns on a year-to-date basis.