The crypto market showed signs of improvement, with Bitcoin being in the green above the $27000 range and crypto reports turning bullish after days.
After days of stagnation, Bitcoin seems to have finally gathered support and moved past $27000. Although its position is not consolidated over the level, it looks set to attract bulls at this level. For several reasons, Bitcoin was trading below $27000 for over a week. It showed a sudden upward trend in the early hours of May 23 and exceeded the $27000 resistance.
Traders had expressed their concerns regarding the low volatility of the crypto market earlier. Along with repercussions due to the US debt crisis, liquidity flowing into the crypto market had declined. Crypto reports had been either neutral or bearish for over a week.
Although Bitcoin is seen showing bullish behavior now, bulls could wait for a while before going all in. The US debt deal talks are still ongoing and need concrete results. Long-term investors would want to have some clarity before going long on Bitcoin.
ETH was another gainer in the last 24 hours, with a 2.2% upward move, while other altcoins were also witnessed in either green or neutral movements. Ethereum’s market capitalization has moved over $219 billion with the latest rally, while Bitcoin has its dominance in the crypto market with a $531 billion market cap.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27300 on May 23, 2023, with BTC/USD up by around 1.8% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (27,834.07) as BTC’s 24-hour volume spiked to $13.5 billion. Bitcoin has seen around 64.45% returns on a year-to-date basis.