Traders and investors witnessed a firm Bitcoin trading range, as any sign of a sell-off could not bring down BTC below its support levels.
Bitcoin has traded above $60,000 throughout the weekend, sending optimistic signals across the market. The Bitcoin trading range, from $62,000 to $64,000 for the last couple of days, has also impacted other crypto token prices. Most of them have seen price breakouts from stagnant trading ranges. Meanwhile, a key factor could have helped BTC stay above its support levels.
After several weeks, BTC breached its 20-day EMA, which had been hovering around its resistance zone. This major indicator hugely impacts crypto market sentiments. With BTC crossing this mark, sentiments might float on the positive side for the next few days.
On the other hand, the zone between $64,000 and $70,000 for BTC will be crucial in the days ahead. Once BTC overcomes it, a consolidation above $70,000 is likely. However, if BTC falls below $60,000 again, bulls might have to wait for the next market catalyst to renew strength. These catalysts could stem from macroeconomic events worldwide.
The inflows from the spot Bitcoin ETFs are also important for Bitcoin’s movements and subsequent crypto token prices. Even though the inflows have been low recently, the market hasn’t displayed bearish signs. A pickup in inflows will be an extra push for BTC to rise further.
BTC/USD 1D price chart
Bitcoin is currently trading at around $63,800 on August 26, 2024, with BTC/USD trading lower by a margin of around 0.2% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 60,300), as BTC’s 24-hour volume was at approximately $18 billion. The global crypto market cap increased by around 0.4%, trading above $2.2 trillion. BTC’s year-to-date returns are above 50%.
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