Bitcoin May Open at $78,450 with Traders Eyeing Key Pivot Point

Bitcoin (BTC) opened May at $78,450, marking a 2.4% gain over the prior 24 hours and reaching $33.8B in daily volume.

The asset's market cap stands at $1.565 trillion, solidifying its position as the largest cryptocurrency by market value.

Traders are closely watching the monthly candle open as a structural reference point, with some using the $78,280 level as a pivot point for the rest of the month.

A close above this level at month-end would confirm a second consecutive positive monthly candle, while a close below it could indicate a failed breakout from the April range.