Bitcoin prices took a slight dip on May 22, falling to $69,892 after reaching $70,000 earlier in the week. However, the overall crypto market has been performing well, with Bitcoin, Ethereum, and other altcoins experiencing upward trends. The dip in Bitcoin prices coincided with the celebration of Bitcoin Pizza Day. Despite this, Bitcoin has seen a significant recovery in the past week, reaching new monthly highs.
In March 2024, Bitcoin prices reached an all-time high of $73,750. However, they subsequently declined to $56,555 in the following months. The recent price recovery has brought renewed optimism to investors.
On May 21, Bitcoin prices showed a bullish movement, reaching close to $72,000 and briefly hitting a one-day high of $71,946. However, prices dipped again, finding support at $69,330 on May 22. While prices briefly climbed to $70,000, they later receded to the $69,000 level.
Currently, Bitcoin is trading at $69,892, with a daily decline of 1.39%. Despite this decline, the cryptocurrency has shown resistance to further drops at the $70,000 level, with a volatility index of 57.89. According to TradingView data, the short-term 9-day moving average is above the long-term 21-day moving average, indicating a bullish uptrend. The RSI is at 62, suggesting a neutral sentiment in the market. Bitcoin has also shown a year-to-date price performance of 65.57%, demonstrating significant price surges.
Analysts predict that Bitcoin will continue to experience a bullish run throughout 2024, with prices expected to surpass the $70,000 resistance level. However, there may be a brief price dip towards the end of the year. Furthermore, Bitcoin price predictions for the future suggest that it may reach the milestone of $1 million. Additionally, Spot Bitcoin ETFs have been gaining momentum, with an inflow of $241.12 million as of May 20, according to Sosovalue data.
In other news, Coinbase Derivatives has announced the launch of oil and gold futures trading. This development highlights the continued growth and expansion of the cryptocurrency market.