Bitcoin Market Shows Early Signs of Upside, While Activity Remains Quiet

While the Bitcoin market has remained relatively quiet despite reaching a record high of almost $112,000 on May 22nd, early indicators suggest a potential shift in sentiment. The Bitcoin Combined Market Index (BCMI) points to an emerging upward trend, potentially signaling an early accumulation phase. 7-day simple moving average (SMA) of the BCMI has rebounded sharply, indicating a positive signal for price movement.