Bitcoin’s Trading Session on May 26
Bitcoin’s trading session on May 26 was quiet as the Dow and all other U.S. indices closed to observe Memorial Day.
Bitcoin (BTC) ended the U.S. trading session virtually where it began despite some intra-day swings. The leading cryptocurrency by market cap pushed above the $110,000 mark around midday, but the gains were erased by the afternoon. Trading volume was lower than usual, as one would expect during a U.S. holiday session. Still, the intraday range of around 1.6% from Bitcoin’s daily low of $108,706 to a high of $110,474 might indicate traders are stuck in a wait-and-see approach.
The Bullish Case for Bitcoin
The bullish case for Bitcoin technically remains unchanged. As noted by ethdaily.net analyst Aziz Zamani, technical analysis still points to a move towards the $120,000 level. He writes:
The bullish market structure remains intact. From the key swing low at $91,500, Bitcoin has consistently carved out higher lows and higher highs which represents signs of a strong trend. As long as $106,500 continues to hold, momentum remains with the bulls. The current pause in the market appears to be a consolidation within an uptrend rather than a reversal or topping pattern.
Macroeconomic and News Factors
Several macroeconomic and news factors that may have played a role had Monday not been a holiday could set the tone for the rest of the week. Over the weekend, U.S. President Donald Trump announced a delay in imposing a planned 50% tariff on European Union imports, pushing the deadline from June 1 to July 9. The last-minute postponement eased immediate fears of a U.S. – Europe trade war and appeared to improve risk sentiment.
Eyes are now on key U.S. data releases due later in the week. Notably, consumer confidence data will be released on Tuesday, followed by a GDP report on Thursday, and inflation figures on Friday.