After a day of stationary movement, Bitcoin garnered higher support and aimed to go above its current trading range, which hasn’t changed since days.
BTC has witnessed better sentiments in the last 24 hours after a period of stagnant demand. It went through an upward trend, affecting most other crypto tokens positively. ETH, XRP, BNB, Cardano, Solana and Dogecoin saw green shoots. Broadly, the crypto market has seen higher support than the previous day.
XRP saw the most gains among all tokens. Its trading volume has also surpassed that of BTC. Bitcoin’s market cap has also risen to $585 billion. Its dominance in the market has slightly increased to 48.29%. Bitcoin had seen a sudden dip in the last few days, reaching a range above $29500. Its recovery in such a short time has been a significant boost to the crypto market.
The market is now gearing up for the Fed’s decision next week. After trading above $30000 for days, BTC could do with some extra liquidity if the Fed pauses the rate hikes once again. All signs point towards another hike, though, as suggested by analysts and experts.
Its current price cycle could be indicative of a rally soon. But traders may wait for one more week for the Fed’s decision.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30300 on July 20, 2023, with BTC/USD going up by 1.1% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (30,455.17) as BTC’s 24-hour volume stayed at around $13 billion. Bitcoin has seen around 82.31% returns on a year-to-date basis.