Bitcoin has switched above and below $28000 continuously since the month started, as it faces stiff resistance above $28000 in a stagnant crypto market.
Bitcoin slid below $28000 but faced support just above $27500 in the last 24 hours. The current situation in the stagnant crypto market has been witnessed repeatedly in recent times as Bitcoin failed to garner support from bulls from $28000. Though it has risen above 60% in the current year, Bitcoin seems to have witnessed a plateau at the current levels.
Experts have brushed off any concerns regarding the crypto market and have expressed bullishness for the time ahead. ETH also contributed significantly to the crypto market cap by trading above $1800. On the previous day, most altcoins faced small losses, but Dogecoin was amongst the biggest losers by trading almost 10% on the last day, probably due to Twitter removing the Dogecoin logo on its site.
Cardano, Solana, BNB, Shiba Inu and others were all trading flat while the stagnant crypto market’s total capitalization stayed above $1.2 trillion. It declined minimally by 1.2% on April 6. Bitcoin’s market cap was also rigid at above $530 billion, without much change. Going by the movement of Bitcoin in the last few days, it could go over $28000 the next day but is doubtful of crossing its resistance soon.
BTC/USD YTD price chart
Bitcoin is currently trading at around $27900 on April 7, 2023, with BTC/USD down by almost 0.5% in the previous 24 hours. With a stagnant crypto market, most altcoins are currently trading sideways. BTC/USD is trading higher than its 20-day EMA (27,173.36). Bitcoin’s 24-hour volume stayed above $15 billion.