The Bitcoin trading session on May 26th was quiet as the Dow and all other US indexes were closed to observe the anniversary.
Bitcoin (BTC) effectively ended the US trading session, which began despite the shaking of the day. The major cryptocurrencies by market capitalization were pushed over $110,000 around noon, but by the afternoon the profits had been wiped out. As expected during US holiday sessions, trading volumes were lower than usual. Still, the intraday range of around 1.6% from Bitcoin’s daily low to $108,706 to $110,474 high, could indicate that traders are stuck on the waiting approach.
The bullish case of Bitcoin remains technically unchanged. As pointed out by Aziz Zamani, analyst at Crypto.News, technical analysis still shows a move to the $120,000 level. He writes:
The bullish market structure remains the same. With a low key swing of $91,500, Bitcoin has consistently opened up higher bass and higher prices, representing a sign of a strong trend. As long as $106,500 remains held, momentum remains in the bull. The current suspension in the market appears to be a consolidation within the uptrend, not a reversal or topping pattern.
With Monday not a holiday, several macroeconomic and news factors that could have played a role were able to set the tone for the rest of the week. Over the weekend, US President Donald Trump announced a delay that imposed a planned 50% tariff on European Union imports, pushing the deadline from June 1st to July 9th.
We are now turning to key US data releases later in the week. In particular, consumer confidence data will be released on Tuesday, with a GDP report released on Thursday, and an inflation rate will be announced on Friday.