The crypto market saw a stable run over the weekend as crypto institutional investors continue to lend balanced support to the market.
After holding on to its support over the last two days, Bitcoin has again crossed its resistance at $37,000. Sentiments from crypto institutional investors are also on the upside, as evident from the recent crypto market hike.
Meanwhile, most crypto tokens saw relatively less volatility in the last 24 hours. ETH was trading over $2000, while others were also trading with minimal gains or losses. Polygon was one of the highest gainers in the previous day, with around 5% returns.
Bitcoin’s current support has formed at $36,600 with visible consolidation. On the other hand, it would have to trade above $37,500 consistently for further gains. Most analysts and experts had upbeat predictions for the market, with many expecting a continuing rally.
The next macroeconomic trigger could be the upcoming CPI data to be released shortly in the US. The data has influenced markets in the past, but traders and investors are highly optimistic. The bullish predictions could have stemmed from the recent higher liquidity levels in the market. The crypto market cap has also climbed by around 75% since November 2022. It amounts to $600 billion, which is a significant jump.
BTC/USD 1D price chart
Bitcoin is currently trading at around $37,000 on November 13, 2023, with BTC/USD trading higher by a margin of 0.3% in the last 24 hours. The market has seen a small price jump at the week’s beginning. BTC/USD is trading higher than its 20-day EMA (33,689.32), as BTC’s 24-hour volume was at around $13.3 billion. The crypto market cap decreased by around 0.11%, trading at $1.41 trillion.
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