Bitcoin witnessed an upward trend as the week ended, putting the rate of crypto market recovery back on track.
Bitcoin lost steam in the late hours of March 24, declining below $27500 as the crypto market witnessed a momentary dip. The downtrend was short-lived, though, as the crypto market recovered gradually, gaining almost all its lost share by March 26. Long-term investors in the crypto market have retained their bullish sentiments, but volatility has reduced significantly in the crypto market in the last 24 hours, which could indicate difficulty for Bitcoin to retain consolidation above $28000.
Macro hurdles continue to trouble the market, even though sentiments currently run high. Experts expect Bitcoin to touch $30000 within the month if bulls continue to assist the crypto market just like they have been doing since the start of 2023. The recent hike in the interest rates by the Federal Reserve has also become a minor hiccup for Bitcoin on its way toward $30000.
A few analysts expect the stagnancy in the market to continue, with liquidations drying up. Over the short term, the movement in the market could be sideways. The overall market capitalization of the market was well above $1.2 trillion, with Bitcoin occupying around $543 billion in the pie. ETH and other altcoins were also trading at close ranges in the last 24 hours.
BTC/USD YTD price chart
Bitcoin is currently trading at around $27900 on March 26, 2023, with BTC/USD up by 2.28% in the previous 24 hours. Most other cryptos witnessed similar sentiments on the last day. BTC/USD is trading a notch higher than its 20-day EMA (24,344.46). Bitcoin witnessed a 24-hour trading volume of above $14 billion.