Bitcoin Stays Resilient at $60,000 as Crypto Market Showcases Various Trends
Summary:
Despite bearish efforts, Bitcoin (BTC) holds above the $60,000 psychological hurdle, encouraging further buying, and an upswing in the daily volume of U.S. spot Bitcoin exchange-traded funds (ETFs). The article also covers the performances of various cryptocurrencies including Ether, BNB, Solana, XRP, Toncoin, Dogecoin, Cardano, Avalanche, and Shiba Inu, underlining their movements, resistances, and potential future trends.
Despite bears' inability to maintain Bitcoin (BTC) under the $60,000 psychological barrier, purchasing activity has surged, pushing the price towards the range resistance. While this elevation doesn't necessarily signify a breakout, it lessens the chances of a sudden drop. Simultaneously, Bitcoin's revival escalates the daily turnover of U.S. spot Bitcoin exchange-traded funds (ETFs). The seven largest U.S. spot Bitcoin ETFs saw their volume rise to $5.65 billion, marking the highest level since March 24.
Bitcoin ETFs have proved to be immensely successful, with professional firms gravitating towards them in the hundreds. As of March 31, 937 organizations invested in these funds, directing $11.06 billion towards spot Bitcoin ETFs, accounting for 18.7% of all managed assets. Consequently, Bitcoin's valuation may remain stable as sidelined investors are likely to enter the market during price dips.
Legal currency charts reveal that Bitcoin surged past its moving averages on May 15, which was subsequently defended by the bulls. The 20-day exponential moving average is now gradually ascending, with the relative strength index indicating bull dominance. Potential resistance lies at $68,000, a threshold likely to be crossed, making $73,777 the next considerable obstacle.
Conversely, if a downwards trend falters below moving averages, it implies that bear selling activity persists, confining the Bitcoin within a $68,000 and $56,500 range for the time being.
Similarly, Ether (ETH) is experiencing a bullish resurgence as bearish resistance failed to drive the price below $2,850. There's likelihood of ETH reaching the resistance line of its descending channel pattern which would imply the end of the downtrend if the price surpasses it, aiming for a potential rally to $3,730.
BNB saw a similar ascent from the support line of its symmetrical triangle pattern after dropping below moving averages on May 14. Solana (SOL) experienced a bullish surge, breaking above its moving averages, and is set for a potential rally to $185.
Meanwhile, XRP is gradually recovering towards the 50-day SMA, hinting a decline in selling pressure. If the price plunges below the 20-day EMA, it displays continued bearish efforts to sell minor rallies, potentially reducing the price to $0.46.
Toncoin's efforts to recover met some resistance, but bulls are aggressively defending current levels, which could induce a retest of the overhead resistance of $7.67. Similarly, Dogecoin's (DOGE) trading pattern reflects an equilibrium between supply and demand, and its progression depends on whether it breaks the 20-day EMA.
Cardano (ADA), however, broke free from its narrow trading range, indicating a potential upwards movement that could be impeded by resistance around $0.52. Avalanche's price broke free from the 20-day EMA, opening the door for a potential $50 price point if it surpasses the $40 hurdle.
Shiba Inu (SHIB), however, faced a decline from the symmetrical triangle pattern's resistance line, and the subsequent developments would depend on whether the price breaks above or below the triangle. Hence, investors are urged to perform their risk assessments and due diligence when making decisions.
Published At
5/17/2024 9:26:19 PM
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