Traders saw little change in the crypto market, with Bitcoin in its fixed range without the presence of key economic triggers.
The crypto market could still be awaiting clarity around rate hikes, as BTC is floating around in its fixed range. On the upside, bulls have been providing firm support to BTC. As a result, BTC is holding on to $30000.
The optimism around the Bitcoin ETFs could also be a reason why bulls are providing vital support. Inflation has also cooled down recently, which is also a positive cue. The FOMC meetings lined up by the Fed this month would be the main economic event to look forward to.
ETH also traded higher in the last 24 hours, above $1900. Other crypto tokens presented a mixed bag. Cardano, Solana and Dogecoin were all trading higher than the previous day. XRP leads the tally, though, with a 6% surge while having a seven-day average return of 67%.
The US Securities and Exchange Commission has recently approved an application for a Bitcoin ETF. The news has sent bullish signals across the crypto market. A few other Bitcoin ETFs were also in the fray with their filed applications.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30000 on July 19, 2023, with BTC/USD staying broadly at the same position in the previous 24 hours. BTC/USD is trading below its 20-day EMA (30,456.44) as BTC’s 24-hour volume decreased to around $13 billion. Bitcoin has seen around 81.54% returns on a year-to-date basis.