After crypto buying activity increased over the weekend, green shoots for a likely crypto bull market were visible, while BTC also held its $42,000 support.
Bitcoin’s support continued to hold its $42,000 support, which is an encouraging sign for the week ahead. Early signals of a crypto bull market are also visible, with most of the sell-offs likely ending. On the other hand, crypto buying activity has picked up over the last few days. If the trend persists, BTC may reclaim its post-ETF highs near $48,000.
With BTC’s price rise, Blackrock’s spot Bitcoin ETF also hit $2 billion in market capitalization. The event may help turn investor sentiments in the ETFs’ favor in the year ahead. Moreover, the ETFs are also touted to contribute significantly to the crypto market’s bull run.
In the last 24 hours, BTC’s price rally has slightly slowed but has also boosted prospects for an altcoins rally. Most tokens had seen losses for the last few weeks but could stage a recovery this week. Solana has seen positive returns recently, while ETH, DOT, and ADA have minimized their losses.
Meanwhile, the Fed policy meeting this week could be the chief trigger for the crypto market. The market could react positively if the regulator holds the current interest rates.
BTC/USD 1D price chart
Bitcoin is currently trading at around $42,100 on January 29, 2024, with BTC/USD trading lower by a margin of 0.9% in the last 24 hours. Bitcoin’s market cap was trading at around $827 billion.
BTC/USD is trading lower than its 20-day EMA (42,963.42), as BTC’s 24-hour volume was at around $15 billion. The crypto market cap increased by around 0.7%, trading above $1.63 trillion. BTC’s year-to-date returns are at 0.48%.
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