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Bitcoin ETF

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-recovery-boosts-etf-trading-volume/" data-wpel-link="internal">Bitcoin Recovery Boosts ETF Trading Volume</a><br></p>
<p style="text-align: justify"><strong>Bitcoin’s (BTC)</strong> recovery has increased the daily volume in US spot Bitcoin exchange-traded funds. Cryptocurrency analytics firm Santiment noted in an X post that the volume of the seven largest US spot Bitcoin ETFs rose to $5.65 billion, the highest level since March 24. So, what is the latest situation in the three major <strong>cryptocurrencies</strong>?</p> 
<h2 id="bitcoin-price-analysis">Bitcoin Price Analysis</h2> 
<p style="text-align: justify"><strong>Bitcoin</strong> rose above the moving averages on May 15, and the bulls successfully defended the level during the retest on May 16. The 20-day exponential moving average gradually started to rise to $63,507, and the relative strength index (RSI) jumped into the positive zone. This indicates that the bulls have a slight advantage. <strong>BTC</strong> faces minor resistance at $68,000, but it seems likely to be surpassed. The <strong>BTC/USDT</strong> pair could then move to the strong overhead resistance at $73,777. Conversely, if the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> drops from $68,000 and breaks below the moving averages, it could signal that the bears continue to sell on relief rallies. This could keep the pair in the range of $68,000 to $56,500 for some time.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-352711 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/tcc.jpg" alt="" width="952" height="580"></p> 
<h2 id="resistance-line-in-ethereum">Resistance Line in Ethereum</h2> 
<p style="text-align: justify">In the leading smart contract platform Ethereum (ETH), the bulls returned as the bears failed to pull the <strong>price</strong> below the strong support at $2,850. The <strong>ETH/USDT</strong> pair could reach the resistance line of the descending channel pattern, where sellers are expected to make a strong defense. If the price drops sharply from the current level or the resistance line, the bears might make another attempt to pull the price below $2,850. Alternatively, if buyers push the price above the channel, it could signal the end of the downtrend. The pair could climb to $3,400 and then attempt a rise to the strong resistance at $3,730.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-352712 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/eth-3.jpg" alt="" width="962" height="586"></p> 
<h2 id="critical-level-in-ripple">Critical Level in Ripple</h2> 
<p style="text-align: justify">Ripple (<a href="https://en.coin-turk.com/the-latest-developments-in-the-ripple-xrp-lawsuit-with-the-sec/" data-wpel-link="internal">XRP</a>) is attempting to rise towards the 50-day SMA at $0.54, indicating reduced selling pressure. The 50-day SMA might pose a minor hurdle, but if the bulls successfully defend the 20-day EMA on the way down, the <strong>XRP/USDT</strong> pair could reach the overhead resistance at $0.57. This level could again attract strong selling from the bears. If the price drops from the current level or the 50-day SMA and breaks below the 20-day EMA, it could mean that the bears are selling on every minor rally. The pair could then drop to the support line and subsequently to $0.46.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-recovery-boosts-etf-trading-volume/" data-wpel-link="internal">Bitcoin Recovery Boosts ETF Trading Volume</a></h5>

Bitcoin Recovery Boosts ETF Trading Volume

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