The crypto market went green as traders believe bulls pushed the market higher with better liquidity in crypto after days of a narrow trading range.
Bitcoin went through an uptrend in the later hours of August 23, as bulls ensured it went above $26500. Though traders are apprehensive about how long it sustains, it is still a positive sign. Liquidity in crypto has been low for days. It could have spiked for BTC to go higher.
The Federal Reserve Chairman’s upcoming speech could also be an indicator for crypto. Traders are highly anticipating what Powell could say about rate hikes. Market reports have widely claimed it would mention final key measures for controlling inflation in the US.
Bulls have fiercely pulled up Bitcoin’s support levels in the last 24 hours. The next goal could be crossing the 20-day moving average and breaking its narrow trading range. With the latest rise, Bitcoin’s market cap surged to $515 billion. Other tokens like ETH, Cardano, Polkadot, and Solana also went through a rise with bullish signals.
Pantera Capital, a major crypto investment firm, also released a report with optimistic predictions for Bitcoin. It has released forecasts that included highly bullish trajectories for BTC by 2024.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26500 on August 24, 2023, with BTC/USD trading higher by 1.7% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (28,448.08) as BTC’s 24-hour volume increased to around $16 billion. Bitcoin has seen around 60.11% returns on a year-to-date basis.