The optimism generated from the legal win for a crypto firm carried forward to another day as the crypto price jump maintained its momentum.
The crypto market saw stable movements in the last 24 hours. After Bitcoin went above $27000 after the recent crypto price jump, sentiments are upbeat in the market. Several crypto tokens saw their seven-day moving averages turn green after the uptrend.
Bitcoin’s market cap has increased to $530 billion after the upward move. It is currently hovering with neutral signals around the level. Ethereum’s overall capitalization is floating just below $200 billion. On the other hand, the token is trading above $1700 for the second straight day.
After the recent legal ruling, analysts have raised their predictions for the Bitcoin spot ETFs. The first week of September could see further price hikes in the crypto market with the ETF approvals.
The following month could see Bitcoin’s trading range move between $25000 and $31000. It could stabilize once it crosses its 20-day moving average. If bears are unable to pull down BTC below $26000 in the next few days, the rally could be sustained. Over the upcoming weekend, traders may expect broadly flat movements.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27200 on August 31, 2023, with BTC/USD trading lower by 0.7% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (27,818.21) as BTC’s 24-hour volume increased to around $26 billion. Bitcoin has seen around 64.48% returns on a year-to-date basis.