Bitcoin climbed 0.4% to around $73,500 in the past 24 hours, showing signs of stabilization after recent defensive consolidation, according to 99Bitcoins. Ethereum gained 0.8% to $2,010, barely holding above the critical $2,000 support zone, as both major cryptocurrencies continue trading within narrow ranges. The total crypto market capitalization rose 0.8% overnight, recovering above $2.56 trillion as it attempts to reach $2.8 trillion before the monthly close. Daily trading volume increased to $82.7 billion from $75 billion yesterday, indicating renewed market interest as investors head into the weekend. Bitcoin and Ethereum had previously fallen less than 1% in the past 24 hours, with Bitcoin trading at $76,706 and Ethereum at $2,093, as both assets continue to trade within compressed ranges.
US and Iranian negotiators reportedly reached a tentative agreement on Thursday (May 28) to extend their ceasefire for another 60 days, with Bitcoin barely reacting to the news, as reported by 99Bitcoins. The proposed deal would reopen shipping access through the Strait of Hormuz while nuclear negotiations continue, though Trump has not yet approved the terms. Vice President Vance indicated that "a couple of language points" are still under discussion, while Treasury Secretary Scott Bessent emphasized that "Everything depends on what the president wants to do. President Trump is not going to make a bad deal for the American people." The lack of fresh downside could point toward a period of consolidation before a potential rally into the weekend and monthly close, with a reported ceasefire extension between the US and Iran potentially sparking major market moves as we head into June.
Both Bitcoin and Ethereum saw significant ETF outflows yesterday, with Bitcoin experiencing -$233 million in outflows and Ethereum seeing -$122 million, according to 99Bitcoins. These flows continue a worrying trend of institutions offloading crypto in huge amounts, despite the current period of market stabilization. The global crypto market capitalization had previously edged down, reflecting persistent risk aversion despite some speculative participation, with major altcoins experiencing corrections. In the past week, Bitcoin and Ethereum were down 0.2% and 2% respectively, while among the major altcoins, XRP, Solana, Dogecoin and Cardano fell up to 4.46%, with BNB, Tron, and Hyperliquid gaining up to 23%.
Bitcoin rebounded from its 128-day moving average near $74,500 over the weekend, demonstrating the importance of technical support levels in current market conditions. At its current price, bitcoin is trading below two major onchain metrics clustered around $77,000: the true market mean and the short-term holder cost basis, according to Glassnode data. More than 15% of bitcoin's circulating supply has been acquired between $74,000 and $83,000, highlighting just how compressed the current trading range has become and how much supply is concentrated around these levels. The realized price reflects the average onchain acquisition cost of all bitcoin that last moved within a specific year, serving as a more meaningful gauge than traditional psychological support or resistance price levels. In February, when bitcoin plunged to nearly $60,000, the market found support close to the 2023 realized price, reinforcing the growing importance of these cohort cost-basis levels in shaping market structure.
Avinash Shekhar, Co-Founder & CEO of Pi42, noted that the crypto market is witnessing a phase of consolidation as Bitcoin and Ethereum trade within a narrow range, according to The Economic Times. For investors, this remains a market where disciplined allocation and patience matter more than chasing momentum, Shekhar emphasized. Instead of reacting to every sharp move, investors should focus on staggered accumulation, maintain balanced exposure across fundamentally strong assets, and keep an eye on liquidity trends in the derivatives market, which continues to influence overall crypto price action. CoinSwitch Markets Desk noted that Bitcoin is trying to recover after defending the $77K support area, but the move still looks like a rebound rather than a confirmed breakout, with rising inflows into major exchanges and activity from 6-12 month holders suggesting some profit-taking. If Saylor does indeed begin selling Bitcoin, this could lead to a serious unwinding across the market, with prediction markets showing 91% odds that Strategy sells BTC by December 31, 2026.
