After a temporary slump, the crypto market has seen positive sentiments reappear, with Bitcoin trying to reclaim the trading range above $30000.
The crypto market has seen better support from bulls in the last two days. With the move, BTC has seen positive sentiments compared to the sell-offs earlier. While it is inching closer to the $30000 mark, other crypto tokens have also seen an upward trend.
A mixed trend was still present in the market, though. Polkadot, Dogecoin, BTC, and Cardano traded with gains, while ETH, XRP, Solana, and others saw losses. Analysts have stated how the market could witness more volatility going forward. The Federal Reserve’s decision on rate hikes, regulatory issues, and other factors could be responsible for it.
On the regulatory front, a few regions, like Europe, presently have extremely bullish scenarios on crypto. Crypto firms have received better clarity from European regulatory laws for crypto. This could be a key turning point for crypto in Europe.
Experts have predicted sharp reactions from the market in the upcoming week. Interest rate hikes by the Fed could hinder its rally. But, if Bitcoin retains its current support, it could move forward once the panic selling by traders loses steam.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29900 on July 23, 2023, with BTC/USD going up by 0.4% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (30,378.34) as BTC’s 24-hour volume decreased to just above $8 billion. Bitcoin has seen around 80.33% returns on a year-to-date basis.