As Bitcoin tried to consolidate over $30000 and move further up, the overall crypto market capitalization stayed stable at over $1.25 trillion.
Bitcoin continued to rise over the last day as it tried to move over its resistance at $30250 to trigger another rally in the crypto market. While its support was at $29900, Bitcoin has been hovering over the $30000 mark for some time now. The latest rally could be due to a downward trend in global inflation, as most economies observed an improvement in their data.
Amongst other altcoins, ETH traded above $1900 and came near to crossing the $2000 level, while others like Solana, Polkadot, Litecoin, Dogecoin, and Cardano also registered gains. Bulls clearly had a stronger grip over the crypto market than last week. The crypto market capitalization came close to touching $1.3 trillion as it continued to rise steadily. The consolidation of over $1.2 trillion indicated a sustained recovery of sentiments over the last few months.
Bitcoin’s market cap also floated around $582 billion, with experts claiming it could rise further, with further interest rate hikes likely to stop in the near future. With favorable inflation data, a pause in the rate hikes could inject much-needed liquidity into the crypto market and propel Bitcoin toward $32000 within a week.
BTC/USD YTD price chart
Bitcoin is currently trading at around $32200 on April 13, 2023, with BTC/USD up by almost 0.6% in the previous 24 hours. As the crypto market capitalization increased, most cryptos are presently trading in an upward trajectory. BTC/USD is trading higher than its 20-day EMA (28,247.32). Bitcoin’s 24-hour volume is over $18 billion.