Bitcoin

Gains

. Market experts have looked at the current state of affairs and predicted how the Bitcoin exchange rate might change in the coming seven days.
“It will be an intriguing week as well.”
Vladislav Antonov, a financial analyst at BitRiver
The price of Bitcoin fluctuated wildly from May 20th to the 26th, mirroring the mood of the market and its reactions to various events.
Trading concluded on May 20 with strong growth. With a 7.66% increase to $71,351, the BTC/USDT pair and the ETH/USDT pair both saw 19.23% increases to $3,661. During the American session, the market saw a rally. All markets were propelled by Ethereum (ETH). The value of “ether” rose by 19% by the day’s conclusion. Two factors played a role in the expansion:
James Seyffarth and Eric Balchunas of Bloomberg increased their probability estimate for the approval of an Ethereum ETF from 25% to 75%. Companies that intend to introduce spot exchange-traded funds (ETFs) based on Ethereum are obligated by the US Securities and Exchange Commission (SEC) to revise their Form 19b-4 filings to reflect the changes made by the regulator. Although Ethereum’s value increased on May 21, the Bitcoin/USDT pair experienced a 1.82% decline, reaching $70,148. On this day, the ETH/BTC cross pair spiked, leading to a 16.62% strength of ETH against BTC. Positive news regarding the potential approval of the ETF boosted investor interest, and Ether reached $3841.
Bitcoin lost 2.85% and reached $68,140 on May 22 as its decline persisted. A stronger dollar accompanied this fall, and major US stock indices followed suit. Support for the day came in at $68,000, while resistance was at $71,000.
Bitcoin was able to find some stability on May 23, dipping to $68,130, suggesting consolidation close to the crucial $68,000 mark. A possible recovery was indicated by technical indicators.
May 24 saw a 0.85% increase to $68,549 in BTC/USDT. Even though multiple Ether ETFs were approved for listing on American exchanges by the US Securities and Exchange Commission (SEC), Bitcoin closed higher and ETH stayed in negative territory.
Before investors can purchase exchange-traded funds (ETFs), the SEC must approve their S-1 filings, even though Form 19B-4 permits ETF offerings and listings.
Speculators often react by selling Ethereum when good news is announced, following the principle of “buy rumors, sell facts.” As a precaution, the market started to decline on May 23 as the dollar strengthened and stock indices fell. The cryptocurrency market’s decline was typical of market corrections following sudden price swings.
In the American session on Friday, rising stock indices set the stage for cryptocurrency prices to recover. Gains in Nvidia shares swamped worries that the Fed will postpone interest rate cuts, sending the NASDAQ Composite index soaring to a new record high.
As investors dumped their recent gains in anticipation of the long weekend, the US dollar declined against key global currencies. The United States observes Memorial Day as a public holiday on Monday.
The price of bitcoin/usdt was $68,955 on May 25. The daily candlesticks closed above $68,000 on May 23 and 24. As Bitcoin’s support, the ETH/BTC cross, was falling, buyers maintained their position at the level. There is still a bullish technical picture for Ethereum.
The BTC/USDT pair will benefit from seasonal cycles starting on June 1. For them, it will be like having a tailwind. To go up the ladder, they’ll need to put in less time and money.
If the price drops below $65,150, as predicted by BitRiver, buyers’ plans could be drastically altered. The trend will remain sideways until July, barring a particularly violent decline.
Therefore, Bitcoin saw large swings, reactions to outside forces, and technical fluctuations that dictated short-term trends during the week of May 21–26. Also, next week is going to be exciting.

The price of Bitcoin (BTC) has climbed about 2.5% in the past week, and as of Sunday, May 26, it is trading at approximately $69 thousand

Blocksays

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