Market Analysis by Investing.com (Günay Caymaz) covering: BTC/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Bitcoin defied expectations in May and is now on track for a 12%+ monthly gain.This positive performance comes after a period of consolidation in the first quarter, where Bitcoin found solid support at around $61,000 per week. While an upward trend was initially halted by selling pressure near $70,000, the past three weeks have seen that resistance zone tested several times.
The positive momentum extends to shorter timeframes as well. Despite trading sideways in the past week, Bitcoin managed to close each day above $67,000 and remained positioned above the 21-day EMA. This indicates that the cryptocurrency stayed above its recovery trend throughout May. However, external factors could disrupt this bullish momentum. Deteriorating economic conditions outside the cryptocurrency sector could dampen investor risk appetite and negatively impact Bitcoin.
Now, InvestingPro users can do just the same from the comfort of their own homes with our new flagship AI-powered stock-picking tool: ProPicks.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
These 2 Altcoins Are Ready to Charge Ahead Despite Broader Market Turning LowerMarket Analysis by Investing.com (Günay Caymaz) covering: Ethereum, XRP/USD, LINK/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Read more »
Bitcoin Oversold? This Key Support Could Present a Great Dip-Buying OpportunityMarket Analysis by Investing.com (Günay Caymaz) covering: BTC/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Read more »
Ethereum Eyes $4,800 on ETF Hopes: How to Trade the Potential SurgeMarket Analysis by Investing.com (Günay Caymaz) covering: Ethereum. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Read more »
Solana the Next Big Thing After Bitcoin, Ethereum? Why You Should Buy This DipMarket Analysis by Investing.com (Günay Caymaz) covering: Bitcoin, BNB, Tether, Solana. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Read more »
Tech Stocks Too Expensive? 3 Fair Valued Picks to Buy NowStocks Analysis by Investing.com (Günay Caymaz) covering: Nasdaq 100 Futures, NASDAQ Composite, Immersion Corporation, Ituran Location and Control Ltd. Read Investing.com (Günay Caymaz)'s latest article on Investing.com
Read more »
Uber Earnings Preview: Record Revenues Likely on the Way, But at What Cost?Stocks Analysis by Investing.com (Günay Caymaz) covering: Uber Technologies Inc. Read Investing.com (Günay Caymaz)'s latest article on Investing.com
Read more »