Cryptocurrency Market Gains $10 Billion; Bitcoin Price at $7,650

The cryptocurrency market has increased by around $10 billion over the past 24 hours, as major cryptocurrencies including Bitcoin, Ripple, EOS, Stellar, and Tron surged in the range of 2 to 16 percent. EOS was the strongest performer today, recording a gain of 16.24 percent subsequent to its mainnet launch.

The descending trendline from May 6 to June 2, covering two corrective rallies on May 11 and May 21, demonstrate that BTC has the potential to regain momentum at its current level, establishing $7,040 as the bottom.

However, BTC has also replicated the head and shoulders top that was formed throughout May 15 to May 20, which ultimately led BTC to fall from $8,500 to $7,040.