Bitcoin found itself stationary with little gains in the last 24 hours and stiff resistance after crossing the $27000 mark earlier.
After inching across the $27000 mark at the resolution of the US debt situation, Bitcoin has suddenly been facing stiff resistance from bears for the last two days. On the upside, its support at $26800 is also resilient for now. While many traders were expecting the $27500 breach during the weekend, it could end up taking some more time.
The US payroll data for May was a positive sign for the crypto industry, as the jobs report was relatively strong in spite of the global inflation. Experts were of the view that BTC could be bullish enough till the $26000 support stood strong. Breaking the support could influence a dip toward $25000 for BTC.
ETH was also broadly stagnant but had its trading range maneuver around the $1800 mark. Currently, it is trading just above the $1900 mark, but consolidation around the level isn’t visible yet. While it had a 24-hour trading volume of $3.7 billion, its market capitalization was floating at $229 billion.
BTC dominated with a $528 billion market cap, contributing majorly to the $1.2 trillion crypto market. Solana, Polkadot, and Polygon were all trading with gains without the kind of overall stiff resistance.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27200 on June 4, 2023, with BTC/USD up by around 0.2% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (27,108.59) as BTC’s 24-hour volume stayed at around $8 billion. Bitcoin has seen around 63.96% returns on a year-to-date basis.