The crypto market has shown optimistic performances this week. Bitcoin, Ethereum and other Altcoins have shown upward trends in market price. With the Bitcoin Pizza day celebrated today, the leading cryptocurrency’s prices dipped down to the $69K mark. BTC witnessed a price recovery that snowballed to new monthly highs in the past week.
Bitcoin prices reached an all-time-high of $73,750 in March 2024. Subsequently, the crypto asset saw price declined up to $56,555 in the following months much to investors’ anticipation. However, the recent price recovery has instigated a positive sentiment within the community.
24H Price Analysis
Bitcoin prices witnessed a bullish movement on May 21 inching closer to $72K. It traded at a momentary one-day high of $71,946. However, prices dipped, finding support once again at $69,330 on May 22. Prices climbed momentarily to $70K but receded to the $69K level later in the day.
At the time of writing, BTC is trading at $69,892 with a daily decline percentage of 1.39%. With a volatility index of 57.89, the crypto asset has shown resistance to further declines at the $70K level.
Moreover, according to TradingView data, the short-term 9 day MA lies above the long-term 21 day MA, highlighting bullish uptrend. The RSI lies at 62 indicating a neutral sentiment in the market. With a year-to date price performance of 65.57% Bitcoin has exhibited adequate price surges in recent times.
Analysts have stated that BTC will likely experience a bullish run for most of 2024. Prices are expected to cross the $70K resistance and end the year with a brief price dip. Additionally, BTC price predictions for the coming years suggest BTC hitting the $1M milestone. Moreover, Spot Bitcoin ETFs have been gaining momentum in recent times. As of May 20, it witnessed an inflow of $241.12M according to Sosovalue data.