Bitcoin continued to display flat movements as the crypto graph patterns witnessed a plateau taking shape in the last 24 hours of the market.
The crypto market showed no signs of rising volatility, as Bitcoin traded in a narrow range. Crypto graph patterns have thus gone flat, with traders in a wait-and-watch mode. But, bulls have successfully provided support to BTC at $26000 till now.
The next macro trigger for the market could emerge from the Federal Reserve Chairman’s upcoming speech. US bond yields have increased to record highs, which may influence his next decisions. He will likely reflect on the global economy, hinting at the next monetary policy decisions.
This year, the crypto market has reacted sharply to rate hikes and inflation reports. It has gone through periods of low volatility in the past as well. It has been usually followed by periods of volatility spikes. The Fed Chair’s speech could thus immediately affect the crypto market.
The market’s capitalization has also found psychological support over the $1 trillion mark. ETH is trading above $1600, while tokens like Dogecoin, Cardano, and Solana witnessed little to low volatility. BTC’s market capitalization has been around $507 billion for several days.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26095 on August 22, 2023, with BTC/USD trading higher by 0.1% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (28,741.23) as BTC’s 24-hour volume increased to around $13 billion. Bitcoin has seen around 57.05% returns on a year-to-date basis.