After picking up an upward trajectory, the crypto market has faced a brief phase of static movements since July 18, while Bitcoin’s resistance zone has formed at $65,000.
The last 24 hours have been about consolidated movements in the crypto market. Bitcoin led the stable trajectory, settling around $64,000. Although it hasn’t moved beyond the level except for a brief period, sentiments are still stable. Other tokens in the market have also been broadly stuck in static trading ranges. However, no signs of bearish pressures are visible in the current crypto market. Meanwhile, Bitcoin’s resistance zone has hovered just above $65,000.
In the last few days of the week, two factors have contributed majorly to the recovery. First, the inflows in the spot Bitcoin ETFs have stood as a support for BTC to reclaim $60,000. The inflows have grown steadily in the same period. Second, Bitcoin has successfully breached its 20-day moving average after almost a month. BTC trading over its 20-day moving average could have a lot to contribute to its renewed strength from crypto bulls.
Analysts in the crypto market have set optimistic price targets for BTC. Using past trends, analyst firms have posted predictions for BTC, suggesting a steep rally within 2024. Although the long-term prospects for crypto are bright, a few factors could influence short-term movements.
These include BTC sustaining its support, the approval of the ether ETFs, and the broader macroeconomic climate.
BTC/USD 1D price chart
Bitcoin is currently trading at around $64,900 on July 18, 2024, with BTC/USD trading lower by a margin of around 0.4% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 60,590), as BTC’s 24-hour volume was at approximately $29 billion. The global crypto market cap decreased by around 1.15%, trading above $2.3 trillion. BTC’s year-to-date returns are at above 54.36%.
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