Cryptocurrencies rise more than 2% this Tuesday, May 20, and Bitcoin achieves a maximum in five months, quoting at US $ 107,200 according to Binance, exceeding that key support of US $ 107,000. The last time he had exceeded this value was on December 15, 2024, when he reached US $ 107,700.
The rest of the cryptocurrencies operate with rises of up to 2.4%led by Avalanche, Toncoin (2.1%) and Tron (1.3%).
After taking a respite this Monday, cryptoactives resume the bullish rally after digest S&P and Fitch They had previously reduced their qualification.
“If Moody’s had not done the same, he would have questioned his own credibility.”says Ipek Ozkardeskaya, Swissquote Bank’s senior analyst. “That is why stock market investors don’t seem to care”add Callie Cox, market head of markets at Ritholtz Wealth Management.
For Capital QCP strategists, the latest Bitcoin climbs “They reinforce their position as a legitimate asset of value reserve”. And it is that the last developments in the cryptocurrency ecosystem are causing analysts to become more optimistic.
On the one hand, Institutional capital continues to flow towards cryptssince the quoted funds (ETF) of BTC continue to capture more and more money: in the last week, net tickets exceed 1,000 million dollars, with more than 600 million positive flows recorded on Monday.
“Unlike previous months, where BTC and gold rose together, Bitcoin has been climbing while the gold in cash falls, which is also reflected in the flows to the ETFs. The Golden ETFs have registered a remarkable fall in flows, in front of a slight increase in the BTC ETFs, with a similar pattern in the gold futures vs. BTC in the CME in the CME Microcorrelations such as this and opportunities for relative value, “explains Augustine Fan, signalplus strategist.
The Senate approves the genius law
The US Senate voted 66 to 32 in favor of the Genius Actalso known as the Stablecoins Law. This paves the way for a complete debate in the Senate and the eventual approval of the project, which would establish the first federal regulatory framework for Stablecoins.
The advance of this law has been seen as a positive step for the crypto industry, which has long claimed greater normative clarity. A more favorable regulatory environment could boost adoption, and if current trends are maintained, it could help cryptocurrencies reach new maximums in the coming months.
Another wind in favor for Bitcoin was the announcement of the JP Morgan CEO, Jamie Dimonthat the bank will allow its customers to buy BTC. At the same time, Bank analysts predicted that cryptocurrency will surpass gold in 2025. JP Morgan stressed that Bitcoin’s purchases by US state governments as strategic reserves represent a sustained positive catalyst for their performance. Perspectives point to a growing institutional interest and greater adoption.
Bitcoin technical analysis
Reached the US $ 107,000, buyers will seek a sustained breakdown above US $ 105,000 to take the sights to US $ 109,700 and thus reach a new historical maximum. Overcoming that level, the 115,000 would be the next objective, coinciding with the line of bearish trend that dates back to 2017.
The support is located at US $ 102,000, the lower limit of the recent consolidation pattern. Below, the US $ 15,000 enters and then the US $ 97,500.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
