Bitcoin maintained a stable position above $30000 with a bullish stance, while a balanced crypto market steered clear of any negative trajectories.
Bitcoin has been above $30000 for a few days now, indicating consolidation at the current trading range. While it generated optimistic sentiments in the balanced crypto market, a few market watchers might be looking out for any signs of volatility in the coming days. Bullish investors and traders provided enough support to BTC at $30000 while its resistance hovered around $31000.
The presently balanced crypto market might be benefitted from more injections of liquidity in the coming days as central bankers have opted for a softened stance with cooling inflation. After repeated quarters of high inflation and interest rate hikes, the global economy finally showed signs of improving conditions, though nothing concrete could be said yet.
In the last 24 hours, most altcoins went through a minimal downward trend, but the overall crypto market capitalization was steady at over $1.25 trillion. Bitcoin and ETH were trading higher by 8% and 12% over the last week, respectively. Other cryptos like Cardano, Dogecoin, Polygon, Solana, and Polkadot had all gained by high margins in the last seven days. Bitcoin’s market cap is floating around $585 billion at present.
BTC/USD YTD price chart
Bitcoin is currently trading at around $30200 on April 16, 2023, with BTC/USD down by almost 0.08% in the previous 24 hours. As the balanced crypto market showed upward trends, most cryptos are presently trading on an upward trajectory. BTC/USD is trading higher than its 20-day EMA (28,434.88). Bitcoin’s 24-hour volume is over $18 billion.