Though Bitcoin did not go below $29000, it has experienced frantic swings in the last 24 hours, leading to crypto market changes in movements.
Bitcoin extended its display of volatility as it rose over 3% to inch closer to the $30000 mark.
However, it couldn’t cross over as it settled back to hovering above $29000. With increasing swings, the crypto market changes have become more evident in the movements of several altcoins.
Traders and investors were left wondering about the source of the sell-offs, which constantly stopped Bitcoin from tackling its resistance. A slew of theories and opinions were floating around in social media regarding the same. Some analysts have claimed the frequent crypto market changes to be signs of traders taking a cautious outlook ahead of the FOMC meeting.
Solana, XRP, Dogecoin and Polygon were major gainers in the last 24 hours, while ETH also remained stable above $1900. Ethereum currently has a market cap of over $230 billion with a 24-hour trading volume of about $11 billion.
As per the current situation, the position for Bitcoin seems tricky. If it manages to cross its $30000 resistance soon, another wave of a rally could take place. If BTC goes through losses and dips below $29000, investors could start selling their crypto.
BTC/USD YTD price chart
Bitcoin is currently trading at around $29300 on April 28, 2023, with BTC/USD up by almost 1.30% in the previous 24 hours. The frequent crypto market changes might indicate bulls and bears fighting for the next few days’ control of the market before global inflation numbers are revealed. BTC/USD is trading higher than its 20-day EMA (28,789.84) as its 24-hour volume stayed stable at over $21 billion.