Bitcoin underwent major sell-offs in the last 24 hours, going down below $30500 in the session, but has continued to hold on to its bullish zone.
Traders saw a sudden spike in volatility in the crypto market in the last 24 hours. Bitcoin soon stabilized, though, and held on to its $30000 support. The bullish zone for BTC above the $30000 mark has been a sign of relief for traders. Though the recent sell-offs sent some temporary panic signals, the overall situation was largely positive.
The current volatility in the market could be due to the upcoming interest rate hikes of the Federal Reserve. Though the central bankers haven’t announced a hike yet, almost all crypto stakeholders sounded certain of the decision. According to experts, policy tightening by the Fed was inevitable at this moment.
ETH also slid below $1900 after not receiving enough support. On the other hand, tokens like Litecoin and Shiba Inu also saw losses. The selling pressure of the last 24 hours has slowed down now. Analysts expect BTC’s strong support to generate a reversal in its trading range, with a fresh rally in sight.
The global crypto market’s cap declined by around 1.76% and is presently trading at $1.17 trillion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30100 on July 7, 2023, with BTC/USD down by around 3.2% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (28,956.83) as BTC’s 24-hour volume increased to around $19 billion. Bitcoin has seen around 81.51% returns on a year-to-date basis.