With Bitcoin holding fort above $29000 and the overall scenario across altcoins being stable, a consolidated crypto market is seen currently.
Bitcoin has stayed relatively calm in the last 24 hours leading to a consolidated crypto market after a round of interest rate hikes. After witnessing a long-drawn stay below $29000, Bitcoin catapulted above the mark with signs of renewed optimism. Analysts have been observing the market closely to witness how long the balanced movement of the crypto market stays put.
Most of the altcoins were trading on a subdued note, with Bitcoin, XRP, and ETH trading at higher levels. On the other hand, Solana, BNB, Dogecoin, and a few others saw some losses the previous day. ETH has barely managed to hang on to the $1900 mark, while its market cap was also constant at $229 billion.
The next market stimulant for the consolidated crypto market could be the jobs data which is supposed to be released on May 5. Till then, the market looks set to continue the muted movements, affected by global macroeconomic factors.
Bitcoin’s long-term propositions for the crypto market look bright in 2023, with every month in the initial part being times of growth for the crypto. It is presently enjoying support at $29000, while its resistance was rigid around $29200.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29100 on May 5, 2023, with BTC/USD up by almost 0.2% in the previous 24 hours. With the consolidated crypto market not witnessing any warning signals for now, a favorable jobs report could boost it in the short term. BTC/USD is trading above its 20-day EMA (29,020.57) as BTC’s 24-hour volume decreased to $17.5 billion.