The Crypto Market Is Testing May’s Highs

Market Overview

The crypto market soared by more than 4% to $2.71T, reaching May’s highs at the very start of the day following nearly two weeks of consolidation after the rally. Bitcoin was the key driver, with altcoins actively supporting it, but the renewal of highs soon fuelled profit-taking. It appears there is a strong inclination towards short-term profit-taking in the markets, coupled with scepticism about the market shifting into a bullish phase. Among the top coins over the past 24 hours, the top gainers were Dash (+18%), Zcash (14.7%) and Uniswap (+9.5%), whilst the worst performers were Filecoin (-4.8%), Aptos (-2.7%) and Immutable (-0.6%).

Overnight, Bitcoin rose to $82K between the active trading sessions in the US and Asia. Still, by the start of active trading in Europe, it had pulled back to just below $81K, whilst remaining above the local resistance level seen in recent days. The leading cryptocurrency reached its May rebound highs, rallying within a few hours from the lows of its consolidation range to break above its upper boundary. Further gains pave the way to the year’s opening highs near $95K. However, it appears that this will require support in the form of further strengthening of stock indices and a weaker dollar.