The crypto trading patterns at the beginning of the week showed heightened crypto market volatility with increasing buying activity for Bitcoin.
After a stable weekend, the crypto market started the week on a firm note. Prices of most crypto tokens increased. Crypto trading patterns were also broadly bullish as the market inched higher with rising buying activity.
The crypto market volatility has also been expanding steadily after a long period of flat movements. The better sentiments in the market could be due to anticipation of a rate hike pause by the Federal Reserve. After a number of hikes, interest rates have increased to record levels worldwide. A pause may bring in an extended period of relief for crypto investors.
Bitcoin is trading comfortably above its 20-day moving average. Its next target could be crossing $27000 within this week and building a foundation for the $30000 target. If BTC is able to breach $30000 within September, the last few months of the year may see a further rally.
The psychological resistance for Bitcoin has formed $26900, and bears might attempt to increase selling pressure at that level. Overall, the crypto market fundamentals look strong for the week ahead.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26800 on September 18, 2023, with BTC/USD trading higher by 1.1% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,168.47) as BTC’s 24-hour volume stayed at around $8 billion. Bitcoin has seen around 60.80% returns on a year-to-date basis.