Bitcoin grows, but not enough to inspire short-term optimism

When Bitcoin ($BTC) emerged from the consolidation phase, it was expected that it would quickly surpass the milestone of $84,000. That was within the range of $61,000 and $64,000. However, there has been a slight reversal. While growth is still very much in the picture, the pace has come to a halt, with BTC hovering around $68,000 in the last seven days. Fluctuations in trading volume have also been within a broad range.

That said, there is little chance that Bitcoin will serve short-term traders favorably.

BTC’s ATH is slightly above $73,000, achieved in March 2024. The achievement was remarkable, as it reflected the optimism surrounding ETFs and the potential for increased maturity. The market is maturing and will continue to mature, but discussions surrounding the ETF have been off the table for a while.

The last 7 days, beginning on May 27, 2024, saw BTC close the day at $69,394.55, with the highest mark of $70,597.88 and the lowest mark of $68,232.50. The next day, that is, May 28, 2024, saw little to no change in the trend. BTC closed at $68,296.22 and had the highest value of $69,514.64 plus the lowest value of $67,227.15.

The closing values on May 29–30, 2024, were $67,578.09 and $68,364.99, respectively. The lowest value was around $67,100, which was more or less the same. The highest values were $68,852.46 and $69,500.54, in the same order.

Trading volume was between 25.87 billion and 32.72 billion, both of which were the highest and lowest values throughout the week until May 30, 2024.

The current price of bitcoin is $67,962.19, up 0.57% in the last 24 hours and 9.94% in the last 30 days. It could reach $87,906 in the next 30 days, marking a 28.79% upswing with current volatility of 5.36%. Overall, sentiments somewhat support this bull run.

What makes this worth noting is the fact that Bitcoin has been outperformed by a meme coin, PEPE. It has grown by 10.87% in the last 24 hours and returned to 112.49% in the last 30 days. Currently listed at $0.00001479, the frog-themed meme coin is predicted to reach $0.00004902 in the next 30 days. As a result, it provides a return of 230.64% to its holders, with a volatility of 27.49%. Sentiments are neutral for PEPE, too.

Interestingly, ETH has also fetched higher returns in the last 30 days as compared to BTC. Holders had gained more than 22% at press time. Ethereum is exchanging hands at $3,744.38, up 30.39% in the last 30 days. Sentiments are neutral, with a volatility rate of 11.04%.

WIF is another meme coin that has outperformed Bitcoin over the past 30 days.  It is up 36.26% and is currently listed at $3.44. It is now predicted to be valued at $11.33 by the end of next month. Hence, banking has a gain of 229.14%. For this window, BTC’s gain is roughly 28.79%.

Analysts predict that Bitcoin will experience a slower upswing. The value is already high, and the focus has shifted to the Spot Ether ETF’s approval. A transition to accumulating ETH is more than tangible, for traders seek some gains once the product is live on exchange platforms.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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Bitcoin (BTC) $ 67,617.12
Ethereum (ETH) $ 3,497.72
Tether (USDT) $ 1.00
BNB (BNB) $ 606.70
Solana (SOL) $ 150.02
XRP (XRP) $ 0.486413
Dogecoin (DOGE) $ 0.143895
Cardano (ADA) $ 0.429045