Brushing aside concerns for a steeper decline, Bitcoin’s uptrend has returned bullish sentiments in the market, with the token set to lead a broader rally in the days ahead.

After a week of uncertain movements and price dips, traders saw bulls turning back to action since May 3. On that day, Bitcoin’s price support started gathering strength and rose to break its $60,000 resistance. It faced a hurdle at $65,000 and has slowed down to settle in the range between $63,000 and $64,000. In all likelihood, the market may accelerate in the weeks ahead in the absence of negative indicators and Bitcoin’s uptrend could take over.

However, lower levels of liquidity were present in the market. If the spot Bitcoin ETFs see a reversal with an increase in inflows, the market may start rising soon. Meanwhile, BTC bulls have tried to stop Bitcoin from going below $62,000 to maintain the current crypto market trends.

The crypto market trends of the last three days also resulted in altcoin prices getting stable. While SOL trades above $140, DOT recovered to above $7. Both AVAX and DOGE also rallied in the last 24 hours. On the other hand, ETH has settled over $3,000 once again.

In May, it could be crucial for Bitcoin traders to take the token above $67,500 to continue the bullish momentum. Global macroeconomic indicators could also impact the prices of the market in this month.

BTC/USD 1D price chart

Bitcoin is currently trading at around $63,100 on May 5, 2024, with BTC/USD trading higher by a margin of 4% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.24 trillion in the last 24 hours.

BTC/USD is trading below its 20-day EMA (64,572.21), as BTC’s 24-hour volume was at around $19.8 billion. The global crypto market cap increased by around 2.61%, trading above $2.3 trillion. BTC’s year-to-date returns are at 49.86%.

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