Bitcoin returns staged an upward jump in the last two days after a prolonged profit-booking phase in the crypto market after the ETF approvals.
The weekend became eventful for the crypto market, as most altcoins saw positive movements. The latest Bitcoin returns were also in the green, as BTC moved over $42,000. In the late hours of January 26, Bitcoin started climbing gradually, and its pace picked up gradually. At the end of the week, the crypto market projections looked stable, which could’ve prompted traders to start buying again.
Most analysts also believe the dip in the market could be over. After the spot Bitcoin ETFs were approved, the market declined after an initial price jump. If the dip in the market is indeed over, BTC could consolidate over $42,000 until it reaches its highs of 2023.
On the other hand, the trading range of over $41,000 could be the new support for BTC. In the upcoming week, the US Fed’s monetary policy meeting and other macroeconomic indicators could become the trigger for BTC.
Leading economist Joseph Brusuela said the Fed could reach its inflation targets soon. As a result, rate cuts in the US may happen in 2024 itself. Another senior economist at a prominent firm, Andrew Hunter said, “Either way, it is time for Fed officials to take the win and start dialing back the level of policy restrictiveness soon.” A rate cut could end up benefiting the crypto market as well.
BTC/USD 1D price chart
Bitcoin is currently trading at around $42,400 on January 28, 2024, with BTC/USD trading higher by a margin of 1.8% in the last 24 hours. Bitcoin’s market cap was trading at around $832 billion.
BTC/USD is trading lower than its 20-day EMA (43,038.30), as BTC’s 24-hour volume was at around $13 billion. The crypto market cap increased by around 1.89%, trading above $1.64 trillion. BTC’s year-to-date returns are at 0.42%.
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