The crypto market has relatively traded in the same range since July 11 since the Bitcoin price gains haven’t increased substantially in the same period, although the overall market remains steady.
Bitcoin has moved on a flat price graph in the last 24 hours. It has dampened Bitcoin price gains, but the overall outlook isn’t bearish. It is still stable, while sentiments in the market are also balanced. However, with likely low trading volumes in the upcoming weekend, Bitcoin’s price could be closely watched as a primary indicator for the crypto market.
A recent macroeconomic event in the US has also led to better prospects for the crypto market. The US CPI data of June 2024 showed lower than expected inflation numbers. This could have a direct bearing on the Fed’s decision on a rate cut this year.
In the crypto market’s context, independent market analysts have claimed the market could take off for a rally. They have pointed to how BTC has gone through similar dips in the past yet emerged with better returns than other asset classes. The overall crypto market data does hint at bulls holding an optimistic outlook for the crypto market.
The crypto market data doesn’t yet indicate if BTC bottomed out during its recent correction. Its recovery in the last few days is a good sign, though.
BTC/USD 1D price chart
Bitcoin is currently trading at around $57,000 on July 12, 2024, with BTC/USD trading lower by a margin of 1.29% in the last 24 hours. Bitcoin’s market cap was trading at around $1.12 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (60,729.18), as BTC’s 24-hour volume was at around $24.48 billion. The global crypto market cap decreased by around 0.29%, trading above $2.13 trillion. BTC’s year-to-date returns are at 34.46%.
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