A sudden Bitcoin price jump has occurred in the crypto market, which has also helped improve sentiments across other altcoins as well.
Most tokens in the crypto market, including Bitcoin and Ethereum were trading at a premium in the last 24 hours. A Bitcoin price jump was the most likely reason for the jump, with BTC hitting $61,000 in this period. Meanwhile, a similar trajectory had also emerged in the previous week, after which the market had cooled down. This time, analysts and experts will possibly observe how the market spans out in the next few days.
Crypto investors have turned bullish, with anticipation for a US rate cut in September growing louder. Moreover, traders have recently added over a billion to Bitcoin Open Interest. Data reveals how long traders have held the majority of positions in Bitcoin. This could indicate a higher possibility of a BTC price rally.
Besides, if the US really sees an interest rate cut in the upcoming month, a rally across the crypto market cannot be ruled out. Since global interest rates have gone up in the last few years, the crypto market is awaiting an injection of liquidity. The spot ETF approvals this year, both of BTC and ETH, helped in this regard.
Crypto investors have also witnessed increasing volatility and trading volumes since August 21. Over the next few days, this trend may continue.
BTC/USD 1D price chart
Bitcoin is currently trading at around $61,000 on August 22, 2024, with BTC/USD trading higher by a margin of around 2% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 60,500), as BTC’s 24-hour volume was at approximately $34 billion. The global crypto market cap increased by around 2.5%, trading above $2.1 trillion. BTC’s year-to-date returns are above 45%.
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