The rise on Monday above the initial cap at the mid-May high of 27675 has reduced the downward pressure somewhat. However, unless BTC/USD clears the 30000 mark, the path of least resistance is sideways to slightly down.

BTC/USD has managed to hold above quite strong converged support around 25300-26000

He also drew parallels between the current consolidation period and the previous Bitcoin halving cycles.

Towards the end of the video, Gambardello briefly discussed potential scenarios for ADA’s price action, noting the possibility of both a bullish breakout and a consolidation phase.

He also stated that Cardano was finally proving its potential and entering a new phase, the DeFi phase, where all coins launching on the platform could experience rapid growth.

While the analyst acknowledges that there are no guarantees in the volatile world of cryptocurrencies, he expressed enthusiasm for the current momentum building around Cardano.

The latest rise in value takes Bitcoin’s total gains in 2023 to more than $14,000, representing an 85 per cent price increase since the start of the year.

The price of Bitcoin has risen above $30,000 for the first time since June 2022, marking a major comeback for the cryptocurrency.

Bitcoin price hits 2023 high after 85% surge

In the acquisition that took place on May 17th, Ripple, headquartered in San Francisco, acquired Metaco for $250 million. Metaco is known for its expertise in asset custody, trading, and decentralized finance (DeFi).

The block size refers to the amount of data or transactions included in a single block of the blockchain.

This surpassed the previous high of 121,327.386, which was observed on 27 May 2023.

The on-chain analysis platform, Glassnode, recently shared on Twitter that the mean block size of Ethereum (ETH) has reached a new 1-month high, measuring 121,439.928.

While $310 million ETH entered exchanges, a staggering $1.1 billion was withdrawn.

Bitcoin and Ethereum witness substantial net outflows from exchanges.

The RSI line was sloped negatively towards oversold territory and was looking to cross bearishly below the RSI SMA line.

One technical indicator that investors and traders will need to take note of the RSI indicator on the 4-hour chart.

The largest cryptocurrency by market capitalization has lost some of its 2023 gains in recent weeks as investors wrestle with a mix of macroeconomic uncertainties, most prominently of late the U.S.’s ongoing debt limit stalemate that will determine whether the U.S. government can pay its bills.

They recently kept bitcoin lingering under $26,500, up about 0.3% but below its most recent nearly two-week-long range between this threshold and $27,500.

Bitcoin Lingers Below $26.5 Amid Debt Ceiling Worries