The crypto market started the week on a strong note, carrying forward the bullish signs traders observed BTC’s firm support in the last few days.
Bitcoin emerged as a clear winner at the beginning of the week, with analysts hinting at a clear buy signal. Its firm support at $30000 could be why experts expect a short rally soon. Its major resistance at $31000 remains a concern for now, though.
ETH was also trading above $1900 without any signs of stress. The token has risen by over 3% in the last seven days. BTC’s market cap is inching closer towards $600 billion with the latest rise. Crossing the level would indicate a key positive sign in the crypto market.
The bulls have yet to provide the required support to BTC for it to cross $31000, which has surprised many. Many investors might await more macroeconomic reports before taking a long position.
The trading range for Bitcoin has broadly stayed between $29500 and $31400 for a long time. Traders would be looking forward to consolidation above the $31000 mark for the next upward trend in the market.
The crypto market was still broadly green, with major tokens like Polygon, Polkadot, BNB and Litecoin seeing gains.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30600 on July 3, 2023, with BTC/USD up by around 0.4% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (28,175.60) as BTC’s 24-hour volume increased to around $10 billion. Bitcoin has seen around 85.75% returns on a year-to-date basis.