A sudden surge in the crypto market helped end the Bitcoin range-bound action, which had been persisting for almost a week with a stagnant range.
Crypto trends in the last 24 hours turned green as optimistic sentiments took over the market. As the Bitcoin range-bound action ended, bulls took control of its price. With the move, Bitcoin crossed $60,000 yet again and might look ahead for consolidation. However, this is one of the several times it has attempted it in the last few weeks. Bulls might have to counter selling pressures to hold the current price level.
Tokens like TRX, XRP, and TON also saw firm returns in the same period. Meanwhile, Ethereum’s returns were minimal, ranging a little above 1%. It has also been trading around the same level for over a week, with a market cap of $320 billion.
Analysts and experts also described the improving economic conditions worldwide. Most claim the current global liquidity levels are going to rise. If it happens, the crypto market could also emerge as a beneficiary. At the same time, the central bank action of the biggest economies may affect liquidity levels, which are currently uncertain.
At the present levels, Bitcoin’s price action is positive, yet not robust. If it receives the necessary price support and goes over $65,000, then one could expect a longer rally. As a result, the next few days are crucial.
BTC/USD 1D price chart
Bitcoin is currently trading at around $60,800 on August 20, 2024, with BTC/USD trading higher by a margin of around 3% 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 below its 20-day EMA (around 61,200), as BTC’s 24-hour volume was at approximately $29 billion. The global crypto market cap increased by around 3%, trading above $2.1 trillion. BTC’s year-to-date returns are above 44%.
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