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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-recovery-boosts-etf-volume">Bitcoin Recovery Boosts ETF Volume</a><br></p>
<p style="text-align: justify">The recovery in Bitcoin’s (BTC) value has significantly increased the daily trading volume of US spot Bitcoin exchange-traded funds (ETFs). Cryptocurrency analytics firm Santiment highlighted that the volume of the seven largest US spot Bitcoin ETFs surged to $5.65 billion, marking the highest level since March 24. This development raises questions about the current status of major cryptocurrencies.</p> 
<h2 id="what-does-bitcoin-s-price-indicate">What Does Bitcoin’s Price Indicate?</h2> 
<p style="text-align: justify">Bitcoin’s <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank">price</a> climbed above the moving averages on May 15, and bulls managed to maintain this level during the May 16 retest. The 20-day exponential moving average began to rise, reaching $63,507, and the relative strength index (RSI) moved into positive territory, suggesting a bullish advantage. BTC is encountering minor resistance at $68,000, which appears likely to be overcome. If successful, the BTC/USDT pair could target the strong overhead resistance at $73,777. Conversely, a drop below $68,000 and the moving averages could indicate persistent bearish selling on relief rallies, potentially keeping the pair in the $68,000 to $56,500 range.</p> 
<h2 id="will-ethereum-break-the-resistance-line">Will Ethereum Break the Resistance Line?</h2> 
<p style="text-align: justify">Ethereum (ETH) bulls returned when the bears failed to break below the strong support at $2,850. The ETH/USDT pair may reach the descending channel pattern’s resistance line, where sellers are expected to defend strongly. A sharp drop from the current level or the resistance line might lead bears to attempt another push below $2,850. Alternatively, a breakout above the channel could signal the end of the downtrend, allowing the pair to climb to $3,400 and possibly challenge the strong resistance at $3,730.</p> 
<h2 id="is-ripple-s-key-level-in-sight">Is Ripple’s Key Level in Sight?</h2> 
<p style="text-align: justify">Ripple (<a href="https://en.bitcoinhaber.net/exploring-xrps-ascent-analyst-forecasts-march-milestone">XRP</a>) is making strides towards the 50-day simple moving average (SMA) at $0.54, indicating decreased selling pressure. The 50-day SMA could pose a minor challenge, but if bulls defend the 20-day EMA during any pullbacks, the XRP/USDT pair might reach the overhead resistance at $0.57, drawing strong selling from bears. A drop from the current level or the 50-day SMA and a break below the 20-day EMA could suggest consistent bearish selling on minor rallies, potentially pushing the pair down to the support line and subsequently to $0.46.</p> 
<h2 id="actionable-insights">Actionable Insights</h2> 
<p style="text-align: justify"> – Traders should monitor Bitcoin’s resistance at $68,000 for a potential breakout or a bearish reversal.<br> – Ethereum’s performance around the descending channel’s resistance line is crucial for determining <a href="https://newslinker.co/" rel="nofollow noopener" target="_blank">future</a> trends.<br> – Ripple’s movement towards the 50-day SMA at $0.54 is pivotal; a successful defense of the 20-day EMA can lead to significant gains. </p> 
<p style="text-align: justify">In summary, the latest movements in major cryptocurrencies like Bitcoin, Ethereum, and Ripple indicate potential bullish trends, but traders must remain vigilant of resistance and support levels to make informed decisions.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-recovery-boosts-etf-volume">Bitcoin Recovery Boosts ETF Volume</a></h5>

Bitcoin Recovery Boosts ETF Volume

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