After a sharp jump on July 29, the BTC price behavior has toned down substantially, likely on the back of traders and investors booking profits in the crypto market.
Bitcoin has dipped below $69,000 on July 30, and is currently holding on to $66,000 as its support. The present BTC price behavior could hint at Bitcoin traders booking profits over the past day. The outflows from the spot ETFs are also indicative of this pattern, with the Grayscale ETF recording the highest outflows. Volatility has also increased by a certain extent in the last 24 hours.
However, net inflows in the ETFs are still in green, with the IBIT ETF leading it. This likely indicates that the market has not taken a bearish turn. As the profit-booking phase ends, BTC may once again climb up to $69,000 and attempt to consolidate.
Multiple tokens recorded price corrections over the last day, with even ETH shedding around 1%. Meanwhile, XRP was one of the better performers, witnessing a 2% price jump in the same period. The overall crypto market, even after seeing a dip, is relatively stable.
The price action in the crypto market now could be a short-term reaction from Bitcoin traders after the recent recovery. If bullish action takes over the market, one can expect several tokens to end this week with positive weekly returns.
BTC/USD 1D price chart
Bitcoin is currently trading at around $66,400 on July 30, 2024, with BTC/USD trading lower by a margin of around 4.6% 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 higher than its 20-day EMA (around 62,500), as BTC’s 24-hour volume was at approximately $39.3billion. The global crypto market cap decreased by around 3%, trading above $2.3 trillion. BTC’s year-to-date returns are above 58%.
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