- The crypto market diverged from the equities market on Tuesday as the start of the latest Federal Reserve meeting and the prospect of a rate hike announcement led to a pullback across the stock market while cryptocurrency prices edged higher.
Data provided by TradingView shows that after trading sideways near $28,100 throughout the morning session, Bitcoin saw a burst of buying in the afternoon that propelled the top crypto to a high just below $29,000, with bulls continuing to press for further gains.The move higher by BTC was hinted at by the price action in the May Bitcoin futures markets as prices were higher in early U.S. trading on Tuesday, according to Kitco senior technical analyst Jim Wyckoff.
According to analysts at Altcoin Buzz, “history shows mixed results when it comes to Bitcoin,” but still provides some interesting observations.“Looking at the chart of Bitcoin's monthly candles over the last 12 years, we see seven out of twelve May candles were green, indicating positive returns,” Altcoin Buzz wrote. “However, the size of these green candles has been diminishing over time, which could suggest a decline in Bitcoin's maximum gains.
But overall, the ‘Sell in May’ principle “doesn't strongly impact Bitcoin's market behavior,” Altcoin Buzz concluded.