In the latest analysis from analyst CryptoBusy, potential for breakout in the crypto market is anticipated, particularly for Bitcoin (BTC), as the market navigates through a week of critical updates and events. The analyst’s insights highlight key developments and suggest strategies for traders amid the current market volatility.
As of today, the price of Bitcoin (BTC) stands at $66,933.88, according to CoinGecko, reflecting a slight decline of 0.11% over the past 24 hours but a notable increase of 9.83% over the past week. Despite this minor dip, Bitcoin remains a dominant force in the cryptocurrency market with a circulating supply of 20 million BTC, culminating in a market cap of $1,318,650,695,668.
CryptoBusy’s analysis indicates that Bitcoin has faced some resistance, with traders taking profits at this level. However, a significant upward movement could be on the horizon. For those looking to go long, CryptoBusy advises waiting for a confirmation candle above $67,000 on the 1-hour to 4-hour timeframe, a prudent strategy for futures traders.
The current week is set to be particularly volatile for the cryptocurrency market, with several major events lined up. The release of the Federal Open Market Committee (FOMC) minutes on May 22 is expected to provide insights into the Federal Reserve’s monetary policy stance, which could influence market sentiment and volatility in the crypto market. Additionally, on May 23, a significant update regarding an Ethereum (ETH) Exchange-Traded Fund (ETF) is anticipated. This development could have substantial implications for ETH prices and the broader market.
Recently, the US Senate passed a resolution overturning SEC Staff Accounting Bulletin 121 (SAB 121), issued in 2022. SAB 121 mandated that companies holding customers’ cryptocurrencies must treat these assets as liabilities and record them at fair value on their balance sheets. If President Biden approves this resolution, it could trigger a substantial price surge in the crypto market.
