Despite a minor downside in the crypto market in the last few days, the Bitcoin support levels have displayed resilience and have hovered around $65,000
Bitcoin has been trading within a relatively tight range between roughly $65,000 and $67,000 since June 12. This consolidation phase represents a significant change from the preceding weeks, which saw price swings. But the Bitcoin support levels have formed around $65,000, which is an improving sign. Moreover, daily trading volumes in the market are currently low. Once it picks up, volatility may spike, leading to a breakout.
Current crypto trends point towards a neutral market for the time being. However, it is crucial for bulls to hold support for BTC at $65,000, to avoid a decline till $60,000. At the same time, BTC needs to cross its 20-day moving average to build a bullish momentum. The broader market forces could be looking out for a major catalyst to initiate a rally.
Other altcoins in the market have been relatively slower than last week as well. On the other hand, ETH has arrested its dip and consolidated around $3,500. Its market cap is comfortably trading above $4.25 trillion. XRP was another token which rose by over 2% in the last 24 hours.
Developments in blockchain technology, the regulatory landscape, and institutional adoption could all play a role in the long-term trajectory of BTC.
BTC/USD 1D price chart
Bitcoin is currently trading at around $66,100 on June 16, 2024, with BTC/USD trading lower by a margin of 0.35% in the last 24 hours. Bitcoin’s market cap was trading at around $1.3 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (68,732.00), as BTC’s 24-hour volume was at around $13.23 billion. The global crypto market cap decreased by around 0.53%, trading above $2.41 trillion. BTC’s year-to-date returns are at 56.82%
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