Bitcoin defied expectations in May and is now on track for a 12%+ monthly gain.This positive performance comes after a period of consolidation in the first quarter, where Bitcoin found solid support at around $61,000 per week. While an upward trend was initially halted by selling pressure near $70,000, the past three weeks have seen that resistance zone tested several times.
The positive momentum extends to shorter timeframes as well. Despite trading sideways in the past week, Bitcoin managed to close each day above $67,000 and remained positioned above the 21-day EMA. This indicates that the cryptocurrency stayed above its recovery trend throughout May. However, external factors could disrupt this bullish momentum. Deteriorating economic conditions outside the cryptocurrency sector could dampen investor risk appetite and negatively impact Bitcoin.
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