What's Happening on the Bitcoin Front?

Technical Analysis and Important Data

Bitcoin has increased by over 60% year-to-date as of May 2024, helped by capital inflows into newly launched exchange-traded funds in the US and interest rate cut expectations from the Federal Reserve. According to a mix of on-chain, fundamental and technical indicators, the benchmark cryptocurrency could witness further gains in June, with Bitcoin potentially reaching $75,000 by the end of the month.

Bitcoin Chart Analysis

From a technical perspective, Bitcoin's chances of reaching $75,000 come from the triangle formation, which is characterized by price consolidation between two converging trend lines connecting a series of consecutive tops and bottoms. Typically, during an uptrend, the formation of a symmetrical triangle signals that the uptrend is continuing and corrects when the price breaks above the upper trend line and rises to the maximum distance between the upper and lower trend line.

As of May 31, Bitcoin's price was approaching the top of the triangle where two trend lines meet. The cryptocurrency is now targeting a breakout above the upper trend line, which could push its price towards $74,000-$75,000 in June, depending on the breakout point as per the technical rule mentioned above.

What's Happening on the Bitcoin Front?

Bitcoin reached an all-time high of $73,000 in early March. This increase coincided with long-term holders selling a significant portion of their holdings, creating an oversupply that led to a period of correction and consolidation.

As prices fell and sellers sold out, the market slowly moved back into the accumulation phase.

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