Bitcoin has traded in a close range in the last couple of days, trying hard to break free and cross $25000 in between the crypto market rise.
The previous 24 hours held a mixed bag for the crypto market as most cryptos cooled down slightly after the recent rally, while some were trading in the same range. The crypto market rise propelled Bitcoin to target $25000 within this month, as it traded tightly between $24500 and $24800.
ETH was trading just above $1600, while BTC’s volume in the last 24 hours fell around 21% to approximately $21 billion. Polygon and Solana were also trading with losses, while others like Polkadot and Dogecoin were also in red. The crypto market’s market capitalization fell just above 2% to around $1.07 trillion.
The slight decline in the market could be due to concerns regarding Credit Suisse. Investors and traders are wary of its effects spilling across the globe due to the large size of the investment banks. European markets and banks are also adopting a cautious approach due to their large exposure to the firm. The crypto market rise after the banking turmoil of the previous week had led to bullish sentiments. But market stakeholders are likely going to adopt a careful approach before going long on crypto immediately.
BTC/USD YTD price chart
Experts are positive regarding the crypto market in 2023, with Bitcoin staging a comeback from its lows. Bitcoin is currently trading at around $24700 on March 16, 2023, with BTC/USD up by 1.84% in the previous 24 hours. Almost all other altcoins witnessed mixed trends in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (23,245.51).