The crypto market has shown mixed trends at the end of the week as increasing sell-offs have brought down BTC’s key support below $30000 after days.
Bitcoin has shown signs of ending the week on a rather flat note with its price action in the last 24 hours. With bulls and bears reaching a tipping point, the crypto market has seen more sell-offs recently. Traders could have started booking profits with the signals. As BTC dips below its key support, bulls could aim to help cross its immediate resistance over the weekend.
ETH has declined below the $1900 mark, but signs aren’t bearish yet. Analysts have presented a neutral picture, but most believe BTC could rebound soon. If bulls can help Bitcoin cross its resistance, traders could see an opportunity to start buying.
A few crypto tokens were also trading with gains. Polkadot, BNB and Dogecoin saw green trends. Some, like Solana, lost over 6% on the last day. The global crypto market cap traded at a relatively lower value of $1.2 trillion. It lost 0.91% in the process.
Bitcoin’s new support has formed at $29600, while its market cap has settled at $579 billion. Its dominance in the crypto market has reduced to 48.26%.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29800 on July 21, 2023, with BTC/USD going down by 1.4% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (30,374.20) as BTC’s 24-hour volume increased above $15 billion. Bitcoin has seen around 79.83% returns on a year-to-date basis.