After a day of bearish sentiments, several crypto tokens have seen green shoots in their recovery, which, if sustained, could trigger a rally soon.
Bitcoin underwent a recovery in the past 24 hours as it went above $27000 in a much-needed mini-rally. Earlier, while trying to consolidate above the same level, it had slid below $27000, igniting claims of further dips. But even at the current levels, Bitcoin has been in the same sticky trading range it has seen for the last few days.
The support from bulls was extremely important at present, as the crypto token tries to break the $28000 barrier next. With Bitcoin’s rise, the overall crypto market turned green with renewed optimistic sentiments.
Ethereum saw a 1.2% rise, reaching above $1800, while other crypto tokens like Solana, Cardano, and Dogecoin also saw upward trends. Litecoin was one of the biggest gainers amongst all crypto tokens in the last 24 hours, rising as much as 15%. Polkadot also saw a 2% recovery.
The recent boost to the crypto market could be majorly from the progress made on the US debt ceiling negotiations, where both Democrats and Republicans underlined their efforts to resolve the issue. The development sent positive signals across financial markets.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27400 on May 18, 2023, with BTC/USD up by around 2.1% in the previous 24 hours. With the recent booster shot from macroeconomic developments in the US, Bitcoin looks all set to cross its next resistance at $27550, which is essential for further rallies. BTC/USD is trading below its 20-day EMA (27,953.01) as BTC’s 24-hour volume increased to over $13 billion.