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Bitcoin Holds Steady as Crypto Markets See Uptick
Jun 5, 2024 6:48 AM - Parth Sanghvi(Last modified: Jun 6, 2024 1:35 PM)
Image credit: Kanchanara
Bitcoin prices hovered slightly below key resistance levels on Tuesday, despite a small decline. This comes amidst:
- Dollar Weakness: A weakening US dollar, potentially due to speculation of Federal Reserve interest rate cuts, is driving some investment towards cryptocurrencies.
- Cautious Optimism: Bitcoin dipped 0.3% in the last 24 hours, currently sitting at $68,889.5. This places it close to breaking out of its trading range between $60,000 and $70,000, established since mid-March. However, analysts remain unsure if Bitcoin can consistently maintain prices above $70,000.
- Increased Investment in Crypto: Data from CoinShares reveals a rise in digital asset investment inflows for the fourth consecutive week. Over $2 billion flowed into cryptocurrencies in May, with Bitcoin receiving the largest share. Additionally, Ether (the world's second-largest cryptocurrency) saw increased interest following the approval of Ether-linked exchange-traded funds by the Securities and Exchange Commission.
Overall, the cryptocurrency market seems cautiously optimistic. While Bitcoin faces resistance, recent dollar weakness and rising investment activity suggest a potential breakout.
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