Traders saw high levels of Bitcoin volatility as the market swung on either side in the last 24 hours, but it finally looks firm on the path toward recovery.
The crypto market has experienced high volatility over the last day. Initially, Bitcoin dipped on April 18 and almost went below $60,000. After significant swings of volatility, Bitcoin has tilted towards upward movements. Bitcoin volatility levels are still high, and the halving event could set the tone for its movements next week. The overall sentiments regarding the event are relatively optimistic.
Even after bearish phases, Bitcoin’s support only dropped below $60,000 momentarily. Bull support around the level is strong and may continue until BTC consolidates in a trading range. As a result, compared to its price in earlier months, BTC’s price range is still at bullish levels.
Once the halving event declines BTC mining rewards and limits its supply, traders will probably expect a hike in demand. That occurrence could fuel the next crypto rally.
A prominent crypto analytics firm analyst also hinted that selling pressures could stop. He said,”Bitcoin selling pressure from traders may be declining as unrealized profit margins are basically zero now.”
Once crypto traders receive some certainty over the next few days, they could start accumulating BTC and other tokens. Once it happens, the global crypto market cap may hit $2.5 trillion again.
BTC/USD 1D price chart
Bitcoin is currently trading at around $64,400 on April 19, 2024, with BTC/USD trading higher by a margin of 5.14% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.27 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (67,540.78), as BTC’s 24-hour volume was at around $50 billion. The global crypto market cap increased by around 4.86%, trading above $2.35 trillion. BTC’s year-to-date returns are at 54.10%
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