Bitcoin Stabilizes Above $66,000: Will Trump Fever Pump BTC To All-Time Highs?

Dalmas Ngetich•Friday, May 31, 2024•1 min read

Bitcoin continues to range, judging by its performance in the daily chart. Even though the uptrend, at least from a top-down preview, is valid, it is critical for prices to trend above $66,000. This level of support also coincides with the low of the May 20 bull bar. If buyers are successful, this reaction line may anchor the next wave higher toward $70,000 and $72,000.

As it is, Bitcoin remains under immense pressure and continues to consolidate, soaking in attempts for higher highs. At press time, the coin is stable on the last day but up 2%. This formation is an improvement from yesterday, especially considering trading volume, which is up $27 billion at spot rates. Technically, price action evolution will significantly impact engagement. Therefore, like on May 20, any break above $72,000 might see a record uptick in the average trading volume.

Bitcoin daily chart for May 31

Thus far, the following Bitcoin news events will shape price action in the short term:

Reports show that two capital markets are reportedly negotiating and looking to implement MicroStrategy’s overly successful business model. As of late May 2024, the business intelligence firm is a public company with the largest holding of BTC.
Elon Musk, the brains behind Tesla, is reportedly advising former President Donald Trump on Bitcoin and crypto policy ahead of the highly charged elections.