The graph representing the Bitcoin price trends of the last 24 hours went through a wave of higher crypto volatility, but the trading range was between $64,800 and $65,700.
Over the last 24 hours, the sentiments in the crypto market have been broadly dim. At the same time, the quantum of crypto volatility spiked, leading to price fluctuations among crypto tokens. The present Bitcoin price trends are caught between a confrontation between bulls and bears. It is evident since bears were unable to bull BTC below $64,800. Meanwhile, BTC also faced firm resistance at $65,500.
But the current levels of the crypto market still put long term investors at an advantageous position. Most of them are sitting at profits despite the slowdown of the last few weeks. Market intelligence firm Glassnode also pointed to this factor in one of their recent reports.
The report said, “Despite chaotic price action, investor profitability remains robust, with the average coin holding an unrealized profit of around 120%.” The crypto market has seen enough demand to absorb the selling pressures. But as the report pointed out, it was insufficient to further boost token prices in the market.
However, a few tokens surged higher with renewed strength since June 18. This included ETH, SHIB, DOGE, ADA, DOT, and UNI. As a result, there could be a gradual buildup of positive momentum in the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $65,150 on June 19, 2024, with BTC/USD trading lower by a margin of 0.37% in the last 24 hours. Bitcoin’s market cap was trading at around $1.28 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (68,107.20), as BTC’s 24-hour volume was at around $34.3 billion. The global crypto market cap decreased by around 2.16%, trading above $2.34 trillion. BTC’s year-to-date returns are at 55.36%.
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