The crypto market was trading with further cuts in the last 24 hours as the Fed’s monetary policy meeting’s outcomes loomed above the global economy.
In a surprising turn of events, Bitcoin’s volatility has decreased in the last 24 hours. It is trading broadly in the same trading range as earlier. The minor losses could be attributed to traders awaiting the Fed’s monetary policy meeting’s results.
Bitcoin is presently trading above the $29000 mark, which could be a positive sign. Many predictions were floating in the market of BTC dipping below the mark, but bulls have strongly supported it. It could be why Bitcoin hasn’t dipped below its current trading range. It could cross the $30000 mark after the Federal Reserve’s decision is announced.
Most crypto stakeholders have been expecting rate hikes this month. The quantum of the hikes is still unpredictable, though. The crypto market could expect some relief if the global economy adjusts to the hikes and shows favorable outcomes.
Tokens like Solana, Cardano, XRP, Litecoin, and Polygon were also trading in the red. Bitcoin’s market was floating around the $566 billion level. The crypto market cap underwent a 0.5% loss with a downward trend but is expected by analysts to rise soon.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29100 on July 25, 2023, with BTC/USD going down by 2.3% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (30,252.11) as BTC’s 24-hour volume increased to just above $14 billion. Bitcoin has seen around 75.91% returns on a year-to-date basis.