Bitcoin has oscillated in a narrow range over the last 24 hours, but its support over $65,000 has given the green signal to crypto market bulls to stay resilient.
After a weekend of surging returns, Bitcoin continues to hold its dominance over 50% in the crypto market. It has led to crypto market bulls setting the stage for a broad rally soon. At the same time, crypto trading indicators look much better than in previous weeks, hinting at the market’s strength. Meanwhile, the bulls may have to overcome Bitcoin’s resistance zone soon to set up a bullish trajectory.
Bitcoin’s weekly returns are presently at over 8%, with the positive effects spilling over to altcoins as well. SOL is sitting on 25% seven-day returns, while it is 5.6% for ETH. Other gainers include SHIB, AVAX, DOT, LINK, and MATIC. Added support from altcoins could significantly contribute to the crypto rally.
Crypto trading indicators don’t show any signs of a downtrend at present. Except for mini dips, Bitcoin has also held its support over $65,000 for some days. Once it breaches its $68,000 resistance, it could consolidate for a breakout until $70,000.
Its market dominance and trading range, which are much above its 20-day moving average, are also advantages. Hence, the bullish momentum looks robust for an upside in the market soon.
BTC/USD 1D price chart
Bitcoin is currently trading at around $66,700 on May 20, 2024, with BTC/USD trading lower by a margin of 0.5% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.32 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (63,092.26), as BTC’s 24-hour volume was at around $22.8 billion. The global crypto market cap decreased by around 0.33%, trading above $2.43 trillion. BTC’s year-to-date returns are at 58%.
Start crypto trading with Millionero for a seamless experience!