Despite the impact of several negative news, Bitcoin (BTC) finished May with an 11% increase.
Despite the pressure of important developments, BTC's strong stance attracted attention. Although the leading cryptocurrency could not overcome the $ 70,000 resistance, it managed to hold on to the $ 67,000 level.
Bitcoin (BTC) made a strong start to the summer
Bitcoin (BTC) had a quiet start to June after an impressive monthly close. BTC has experienced an average price fluctuation of 0.5% since June's open.
Last month, there were two significant events that shook the crypto industry. Bankrupt crypto exchange Mt. Gox moved over $9 billion worth of BTC. It was stated that these BTCs are customer assets and may create selling pressure.
Hours before the monthly closing, the Japanese exchange DMM Bitcoin lost 4,502 BTC as a result of a hack attack. Although the exchange said that it would cover customer losses, it shook the trust in crypto.
Despite all these developments, BTC's May performance was received positively. The leading cryptocurrency had its best May since 2019.
Based on historical data, BTC's previous May closes are as follows:
May 2019: 52.38% increase
May 2020: 9.51% increase
May 2021: 35.31% decrease
May 2022: 15.6% decrease
May 2023: 6.98% decrease
According to Cointelegraph, BTC rebounded from weekly lows and was flat at the monthly close.
Crypto trader Skew said, "It is very important to see emerging market flows from this level. Spot flow in particular is essential for the rise." he commented.
Evaluating BTC's price movements in recent days, crypto analyst Michaël van de Poppe said, "Markets are in balance and slowly recovering for further upward momentum. $66,000 is an important area for support." said.
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