$BTC

Technical Indicators and Market Sentiment

Technical analysis indicates strong bullish momentum:

Moving Averages: The 50-day Simple Moving Average (SMA) is nearing a crossover above the 200-day moving average, a pattern known as the "golden cross," which often indicates an upward trend.

Easing trade tensions between the United States and China: A 90-day trade agreement was reached between the U.S. and China on May 12, temporarily lowering tariffs on imports, which alleviated economic uncertainty and boosted investor confidence.

Analysts expect potential short-term targets up to $116,000, with some predicting a "blow-off top" at $128,000. Long-term forecasts, considering global money supply growth (M2), suggest Bitcoin could reach $132,000 by the end of the year.

Performance of the broader cryptocurrency market

Positive sentiment extends beyond Bitcoin:

Ethereum (ETH): Trading at $2,591.09, Ethereum has seen a 4.52% increase, maintaining its position as the largest cryptocurrency by market cap after Bitcoin.

Total Market Capitalization: The total value of the cryptocurrency market has reached $3.36 trillion, with Bitcoin representing over 60% of this value.