As the broader crypto market went through a recovery in price trajectories, the positivity in Bitcoin price sentiments emerged again with renewed strength.
The crypto market, particularly Bitcoin, had been experiencing a period of consolidation and relative calm in the weeks leading up to July 28, 2024. With improving crypto trends over the weekend, Bitcoin price sentiments have taken a positive turn.
Earlier this month, a combination of factors, including macroeconomic uncertainties, regulatory concerns, and the ongoing efforts for mainstream adoption, had contributed to a market environment characterized by sideways price action. Soon after, Bitcoin came over the stagnant price action and initiated a recovery in mid-July.
In this recovery, market sentiments have a key role to play in determining crypto trends. A shift in sentiment from fear to greed can create a positive loop, driving prices higher. This is exactly what has been occurring in the crypto market for over a week.
On the other hand, as the dominant crypto, Bitcoin often serves as a catalyst for the overall crypto market. A sustained rally in Bitcoin can attract new investors and rekindle interest in the broader crypto ecosystem soon.
As the week comes to a close, most tokens have ended in green. BTC and SOL are two of them, along with XRP, TRON, and others.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,700 on July 28, 2024, with BTC/USD trading higher by a margin of around 0.5% in the last 24 hours. Bitcoin’s market cap was trading at around $1.3 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 62,000), as BTC’s 24-hour volume was at approximately $36 billion. The global crypto market cap increased by around 4%, trading above $2.4 trillion. BTC’s year-to-date returns are above 61%.
Join Millionero and start trading crypto on our platform seamlessly!