Bitcoin broke out from its close trading area above $27000 as the current crypto rally marched ahead after a period of flat returns.
After days of crumbling back below $28000 and sustaining risks of dipping below $25000, Bitcoin has staged a recovery in the crypto market. The present crypto rally has resulted in green signals across altcoins as traders start going long on crypto. The crypto market’s capitalization increased by over 4% as it hovered around $1.25 trillion.
Ethereum also managed to go across $1900 after struggling to cross the mark for a few days.
Technical trading signals pointed towards a buy signal for which traders and investors might have picked up crypto in large amounts in the last 24 hours. Though risks remain in the global economy, all sentiments point to a short-term rally in the crypto market.
Cardano, Litecoin, XRP and BNB were trading in the green as the crypto rally managed to introduce bullish signals in several altcoins. While Bitcoin’s average returns of the last seven days still linger around the negative 4% mark, its market cap has risen to over $560 billion, followed by Ethereum’s at over $230 billion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $28900 on April 26, 2023, with BTC/USD up by almost 5.70% in the previous 24 hours. Some analysts expressed bullish sentiments with predictions of a longer crypto rally this time. Bitcoin was facing resistance at $30000 while its support was at $28000. BTC/USD is trading higher than its 20-day EMA (28,713.54) as its 24-hour volume rose significantly to over $21 billion.