Price analysis 5/31: BTC, ETH, BNB, SOL, XRP, DOGE, TON, SHIB, ADA, AVAX
Bitcoin and Ether may spend more time inside a range before starting a trending move.
Bitcoin (BTC) has been range-bound for several days, indicating a tussle between the bulls and the bears for supremacy. Trading firm Mosaic Asset believes that “loosening financial conditions” could boost a risk-on trade, and Bitcoin could be on the verge of a breakout to the upside.
CryptoQuant founder and CEO Ki Young Ju said in a post on X that Bitcoin remained near $10,000 for six months in 2020 with high on-chain activity before skyrocketing to $64,000 in 2021. A similar trend was being seen in 2024, with “$1B added daily to new whale wallets, likely custody.”
Although a breakout has eluded Bitcoin, the bulls have achieved nearly an 11% rally in May. That is the first positive close after three years of negative monthly performance in May. That gives positive momentum to the buyers to extend the bullish performance in June.
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Author: Rakesh Upadhyay
