Bitcoin went back to trading around $27000, leading to the crypto market size decreasing by a moderate rate.
Bitcoin witnessed a decline in its trading levels as it fell below $27000 on March 27, which led to a crypto market size dip. Bitcoin has gradually recovered slightly but continues to trade below its earlier levels. The long-term sentiments of the market remain optimistic while it is facing difficulty with its short-term resistance. Ethereum was also trading below $1750, contributing to the crypto market size decline.
The Commodity Futures Trading Commission’s (CFTC) recent action against a major crypto exchange could have led to the bearish trend in the last 24 hours in the crypto market. The next few weeks could remain volatile, as claimed by experts, with the developments in the case involving the CFTC. Amongst other tokens, BNB had taken a 5% hit, while Dogecoin, Litecoin and Polygon were also in red. The crypto market size had fallen to around $1.13 trillion, declining by over 2%.
Bitcoin’s positive track record in 2023 has been consistent, with minor bumps along the way. It has risen to its highest levels in over nine months, as most stakeholders of the crypto market expect the crypto to break across $30000 soon.
BTC/USD YTD price chart
Bitcoin is currently trading at around $27000 on March 28, 2023, with BTC/USD down by 3% in the previous 24 hours. While most cryptos witnessed negative sentiments on the last day, some of them, like Ripple, were trading with bullish sentiments. BTC/USD is trading higher than its 20-day EMA (24,717.94). Bitcoin’s 24-hour volume remained higher than then before, being almost $19 billion.