Bitcoin Opens May at $78,450, Traders Eye Key Price Range

Bitcoin opened May at $78,450 after gaining roughly 2.4% over the prior 24 hours.

This price movement comes as traders closely watch monthly opens as structural reference points, with the first-day-of-month candle being a key indicator of market sentiment.

The daily volume reached $33.8B, and the total market cap stands at $1.565 trillion, keeping Bitcoin at rank one on CoinGecko with a commanding distance from the second-largest asset.

Bitcoin's performance against other assets is also notable, gaining 2.8% against gold but declining about 0.8% against silver due to its strong session.

The monthly candle open establishes the reference price for the rest of the month, with traders using $78,280 as a structural marker for potential buying or selling pressure near month-end.