Bitcoin has once again hovered around $28000, without consolidating over the mark, yet having solid support above $27500. Bitcoin’s rally grabbed eyeballs in 2023 as it weathered all hurdles to recover from its lows of 2022. But as April began, the continuous crypto market flat movement could be attributed to Bitcoin’s lack of volatility and price roadblock in the last few days. It has traded within 15% of its average price in the last 30 days.
The crypto market had a fantastic first quarter in 2023, in spite of the turmoil in the global economy at present, which reinforced its potential as a hedge against inflation. Experts and analysts had predicted a long-drawn rally for the market in the current year. While the primary crypto market flat movement hasn’t worried investors largely, it remains to be seen how Bitcoin’s movement pans out in the days to come.
ETH was trading above $1800, while others like XRP, Dogecoin, Cardano, and Solana witnessed small losses in the last 24 hours. The crypto market’s overall capitalization decreased by around $1.7 trillion in the last 24 hours, of which Bitcoin had a share of about 44% while ETH had over 18%
BTC/USD YTD price chart
Bitcoin is currently trading at around $27900 on April 9, 2023, with BTC/USD down by almost 0.13% in the previous 24 hours. Amidst the flat crypto market movement, most altcoins are currently trading sideways. BTC/USD is trading higher than its 20-day EMA (27,174.64). Bitcoin’s 24-hour volume stayed just above $15 billion.