Sentiments in the rising crypto market continue to improve as Bitcoin managed to cross the much-needed $27000 level after a period of bearish signals.
The encouraging data of decreasing inflation has finally had a positive effect on the crypto market as it surged from its lows of the previous week. Over the weekend, it had shown signs of improving its trajectory after witnessing a steep fall earlier.
Bitcoin had moved towards $26000 after facing a wave of sell-offs. Fortunately, it managed to hold at that level and has finally crossed $27000 as the first part of the hurdle. With inflation steadily coming under control, macroeconomic conditions could improve further as the signs of a recovering global economy.
A pause on the interest rate hikes could be highly beneficial for the rising crypto market to sustain its upward trend. The market could lack enough liquidity, and a fresh capital injection could help it significantly.
With other crypto tokens also showing improvement, ETH managed to go over $1800, while Solana, Dogecoin, XRP, Cardano, and many others were seen retaining their trading levels and even rising slightly. The crypto market’s overall capitalization increased by around 1.7% to go over $1.19 trillion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27300 on May 15, 2023, with BTC/USD up by around 1.9% in the previous 24 hours. While the rising crypto market sentiments could influence investors, Bitcoin needs a string of buying support at current levels to cross $28000 for further consolidation in that level. BTC/USD is trading below its 20-day EMA (28,263.57) as BTC’s 24-hour volume increased to over $13 billion.