Even after rising pressure from bears, Bitcoin’s price action stayed balanced, which could have likely happened due to higher digital asset fund inflows into the market.
Since May 29, bears have attempted to increase selling pressures in the crypto market. As a result, Bitcoin’s price graph has represented downward parabolic action over the last 24 hours. However, a steady stream of digital asset fund inflows managed to help Bitcoin rebound from its lower circuit. Meanwhile, other crypto tokens in the market have also tilted towards breaching their respective resistance zones.
A leading crypto analysis firm made the observation of the higher fund inflows. Its report noted how inflows were positive for the third consecutive week, totaling over $1 billion. Bitcoin investment products attracted the highest inflows, it said.
Regarding ETH, the report stated, “Ethereum saw inflows of US$36m for the week, the highest since March and likely an early reaction to the approval of ETH ETFs in the United States.”
Although BTC has not given away its support level, its trading range has been touted as a ‘boredom zone.’ The term refers to BTC trading in a static range for over a month. Its trading level is also only 6% higher than it was in April 2024.
But in hindsight, the absence of a big price pullback in the crypto market is a positive sign.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,900 on May 30, 2024, with BTC/USD trading lower by a margin of 0.39% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.34 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (65,763.97), as BTC’s 24-hour volume was at around $27 billion. The global crypto market cap decreased by around 0.8%, trading above $2.53 trillion. BTC’s year-to-date returns are at 61.63%.
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