After an earlier boost from bulls, Bitcoin has resumed trading in its trading range above $25500, with a slow crypto market forming its basis.
The previous week saw bulls creating a tug-of-war with bearish traders on Bitcoin’s movements. BTC moved up momentarily but is presently trading below $26000. The green shoots in the slow crypto market could grow further in the near future.
After a saga of regulatory issues, ETF delays, and low crypto volatility, the industry could now heave a sigh of relief. The G20-enabled policy paper of the IMF and FSB has strongly supported crypto regulations. Since the international group represents a majority of the world economy, it could bode well for crypto.
BTC could move either way in the next 24 hours. If its support continues to exist above $25500, it could move ahead beyond $26000 again. The next goal could be crossing its 20-day moving average, which is hovering above $26500.
On the other hand, ETH is also trading in a flat range for days, but its $1600 support is intact. Other tokens have also witnessed minimal movements in the last one day.
BTC/USD 1D price chart
Bitcoin is currently trading at around $25800 on September 10, 2023, with BTC/USD trading lower by 0.4% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (26,681.23) as BTC’s 24-hour volume decreased to around $5.7 billion. Bitcoin has seen around 56.24% returns on a year-to-date basis.