Bitcoin saw a major dip in the last 24 hours, with various market indicators bringing down crypto resistance levels to a lower trading range.
The crypto market witnessed a bearish wave taking over in the last 24 hours. Multiple crypto tokens witnessed losses in the trading session. Even though crypto resistance levels went down, BTC did not see a big loss in its value. Bitcoin has still found support just below $29000 and could lead the market to recovery.
Analysts believe the current market downtrend could be due to a combination of two reasons. A crypto exploit was discovered by a major firm recently, leading to a huge loss of millions. On the other hand, a US court saw a legal battle resuming between regulators and the industry. The two developments could be regarded as temporary setbacks for the industry.
Bitcoin’s dominance is firm at above 48%. It is maintaining a market cap of $562 billion presently. Other crypto tokens lost value with BTC, but most have begun to see firm support levels now. Experts believe BTC could stage a reversal in trends, and the present dip might just last for a few days.
BTC/USD 1D price chart
Bitcoin is currently trading at around $28900 on August 1, 2023, with BTC/USD going down by 1.5% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (29,929.65) as BTC’s 24-hour volume increased to around $13 billion. Bitcoin has seen around 74.43% returns on a year-to-date basis.