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Summary

Bitcoin prices dipped to $69,892 on May 22 from hitting $70K on Tuesday. Spot Bitcoin ETFs saw $241.12M inflows as of May 20 amidst an optimistic week for the crypto market.

Introduction

The cryptocurrency market has witnessed positive performances this week with Bitcoin, Ethereum, and other Altcoins showing upward trends. Celebrating Bitcoin Pizza day, BTC’s prices fluctuated around the $69K mark but have seen significant recovery reaching new monthly highs recently.

Main Points

Bitcoin hit an all-time-high of $73,750 in March 2024, followed by a decline to $56,555 in subsequent months. However, a recent price recovery has sparked optimism in the community. On May 21, BTC briefly reached $72K, only to drop to $69,330 on May 22 before hovering around $70K and settling at $69,892 with a 1.39% daily decline.

Technical analysis reveals a bullish trend with the short-term 9-day MA above the 21-day MA. The RSI stands at 62, indicating a neutral market sentiment. Bitcoin has shown a year-to-date price surge of 65.57%, demonstrating resilience with a volatility index of 57.89.

Conclusion

Analysts foresee a bullish run for Bitcoin in 2024, expecting prices to surpass $70K and potentially reaching $1M in the future. Spot Bitcoin ETFs have also gained momentum, with $241.12M inflows as of May 20. In other crypto news, Coinbase Derivatives announced the launch of Oil and Gold futures trading.

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