šŸ“Š Daily Crypto Market Update šŸ“Š

1. Market Overview

- Global Market Cap: 3.48 (previously 3.45T) via Coingecko

- Top Movers: TRUMP, PI, STX, FET, JUP, UNI

2. Altcoin Market Trends šŸ“ˆ

- Even though BTC had its highest daily close ever, alts are still lagging behind. This is largely due to BTC.D continuing higher but imo it's topping out soon. The monthly RSI is now overbought and there's a bearish divergence with the StochRSI. That's the perfect recipe for a bullish Q3. Now it's all about patience and placing your bets on strong performers at major support levels. Make sure you're combining daily/weekly support levels with the 50/200 EMA and RSI/Stoch RSI

3. Key News Headlines šŸ“°

- Regulatory Updates: Texas House passes second reading to establish a Strategic Bitcoin Reserve.

- Partnerships or Integrations: Binance Partners with Association for Women in Cryptocurrency to Promote Inclusion in Web3

- Major Developments: Bitcoin records highest daily close in history

4. Upcoming Events ā©

- May 27th-29th Bitcoin Conference, Las Vegas

- May 30th FTX starts $11.4B of creditor payouts

5. Summary āœļø

The market had some excitement today after BTC had its highest daily close in history at 106.3k and reached 108k shortly after. There were a few positive announcements such as the US Senate unanimously passing 'No Tax On Tip Act' and Texas House passed second reading to establish a Strategic Bitcoin Reserve. There's a total of three readings in each chamber (the House and the Senate) before it can be passed and sent to the other chamber or the governor for approval. This will create a ton of buy pressure for BTC if passed. The market is extremely euphoric ahead of the Bitcoin Conference May 27th-29th where JD Vance will be speaking so just keep that in mind. A pullback would make sense here since we closed right at resistance and there's multiple bearish divergences forming but if we can close the daily higher a second day in a row then that would confirm the breakout imo. Just make sure you're hedged accordingly and take profits along the way.