Bitcoin’s price gathers strength at $43,000 despite sell-offs

As the crypto market volatility steered relatively lower, Bitcoin’s price oscillated in the trading range near $43,000, creating signs of improving metrics.

Crypto market volatility in the last 24 hours remained lower, as seen in the last few days. Meanwhile, Bitcoin’s price seemed to look firmer than earlier, as it briefly crossed $43,000. Although it has dipped from that level, the bulls may attempt to take it forward again. At the same time, other tokens also displayed signs of static movements or minimal gains.

ETH, Solana, Cardano, and Avalanche were in the green, going upward by small margins. Ethereum’s market cap also traded at around $307 billion, while its 24-hour volume was above $11 billion. Earlier, BTC had attempted to cross over $49,000, but bulls couldn’t sustain the rally. Moreover, traders could have also started booking profits at the time.

If the sell-offs continue, BTC may retrace till $40,000 and start picking up again. On the other hand, a sideways price action is also possible for the next few days till the next trigger. Experts were bullish, considering how the spot Bitcoin ETFs managed more than $10 billion in volumes in just three days. The crypto market could surge soon if the ETFs continue generating more confidence from investors.

BTC/USD 1D price chart

Bitcoin is currently trading at around $42,700 on January 17, 2024, with BTC/USD trading higher by a margin of 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $837 billion.

BTC/USD is trading lower than its 20-day EMA (43,930.30), as BTC’s 24-hour volume was at around $24 billion. The crypto market cap increased by around 0.46%, trading above $1.7 trillion. BTC’s year-to-date returns are above 2.10%.

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