Although Bitcoin’s downward trend pulled the token below $60,000, a host of crypto traders were still upbeat and took to social media to term it as a normal correction phase in the market.
The Hong Kong spot Bitcoin ETFs saw a muted debut with lower volumes. This reason could have led to a brief downtrend in the crypto market, with a decline. Bitcoin also went below $60,000 after trading over the level for around a month. While Bitcoin’s downward trend is generating speculation in the market, bullish crypto traders are very optimistic.
Their positive stance was seen on social media, as most of them termed the decline a correction. Raoul Pal, who heads financial services firm Real Vision, said it was the fourth time BTC had corrected by 20% within a year. Others said BTC was following its normal price cycle and would rise higher once the upward movement started.
After the Bitcoin halving event and the spot Bitcoin ETFs, the market doesn’t have a short-term narrative yet. In the near future, it may trade sideways or with marginal losses until macroeconomic indicators improve. On the other hand, if BTC reverses its downtrend and steps up above $60,000 immediately, a jump to $65,000 is also possible.
Other tokens, such as ETH, SOL, and DOT, followed BTC’s lead and shed losses. On a positive note, the global crypto market cap has held its $2 trillion support, maintaining optimistic sentiments.
BTC/USD 1D price chart
Bitcoin is currently trading at around $59,600 on May 1, 2024, with BTC/USD trading lower by a margin of 8.33% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.14 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (65,304.59), as BTC’s 24-hour volume was at around $40 billion. The global crypto market cap decreased by around 7.54%, trading above $2.16 trillion. BTC’s year-to-date returns are at 40.73%.
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