Bitcoin posts minor gains after recovering over the weekend’s losses

After going through a round of sell-offs during the weekend, Bitcoin has rebounded with minor gains with its firm support at $30000.

The week has begun with minor gains for the crypto market. Earlier during the weekend, the market saw profit booking by traders. The market had surged to record highs, after which it has currently slowed down. While BTC was trading above its support at $30000, ETH is comparatively more bullish at above $1900.

A favorable legal ruling for a major crypto firm in the US has also come as a boost for the crypto market. The regulatory picture in the country could see a turn for the better now. While Europe and other crypto-friendly hubs have presented crypto laws, the US is still not under a regulatory consensus.

Moreover, Bitcoin ETFs have created a wave across the crypto market. A week earlier, Europe saw its first spot Bitcoin ETF on the Euronext exchange. Meanwhile, analysts have called for more support from bulls for further rallying of BTC. Bears were also active currently, which could be a concern for crypto tokens.

XRP was the biggest gainer of the previous week, while tokens like BTC, ETH, Solana, and Cardano are relatively at the same level.

BTC/USD 1D price chart

Bitcoin is currently trading at around $30200 on July 17, 2023, with BTC/USD down by around 0.3% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (30,211.73) as BTC’s 24-hour volume decreased to around $9 billion. Bitcoin has seen around 82.33% returns on a year-to-date basis.

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