As the crypto market tried to move ahead, recovering from its recent losses, Bitcoin moved moderately upward.
Bitcoin moved ahead from its tight trading range as it touched $23500 late on February 26, showing signs of improved sentiments. At the same time, most other altcoins posted mixed results in the last 24 hours, and a few posted gains from their earlier levels. ETH was one of them, rising 2% to almost $1650. While Bitcoin was still trading below $24000, it had rebounded closer to the mark.
Bitcoin’s market capitalization was comfortably stable, over $451 billion, while that of the crypto market stayed above $1 trillion. Out of the total crypto trading volume of over $50 billion, Bitcoin’s trading volume was over $25 billion in the last 24 hours. The US labor market also presented an optimistic scenario, where jobless claims had fallen considerably. While it indicated an improving economy, economists were still cautious regarding it.
Crypto experts expect Bitcoin to touch $30000 within March in view of its buoyant spirits in 2023. February has been considerably full of mixed bags for crypto, but it is much above the lows it experienced in 2022. After the bankruptcy of a prominent exchange in 2022, the crypto industry has faced considerable criticism worldwide, but the sector has turned the tables at present, with many countries lining up to regulate crypto to become a crypto hub in the future.
BTC/USD 1 month price chart
Bitcoin moved above $23500 ], it is currently trading at around $23400 on February 27, 2023, with BTC/USD up by 1% in the previous 24 hours. Almost all other altcoins registered mixed results in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (23,316.88).