Crypto stability took center stage in the last 24 hours as the market broadly stabilized from the continuous dips it had experienced.
Bitcoin has slowed down from the consecutive downward trends it experienced, as traders saw crypto stability across altcoins. The overall crypto market was witnessing mixed trends as a few tokens gained momentum from their lower levels of the previous week.
The current sentiments in the market were neutral, with most investors and traders in anticipation of the US CPI data. It would reflect how inflation has moved in the last month and could trigger the crypto market in the short-term. Analysts had opposing views regarding the crypto market’s next wave of movements.
While some believe it would be difficult for Bitcoin to move ahead of the $30000 mark, some believe it can be achieved with favorable macroeconomic conditions. In mid-April, Bitcoin had failed to consolidate over $30000, and since then, it has been struggling to cross the mark. Some experts believe the crypto token may slide toward $23000 in the worst immediate scenario, but overall the conditions were bright for a rally in 2023.
ETH is presently trading around the $1850 mark, while tokens like Solana, Dogecoin, Polkadot, and others experienced stagnant movements. Ethereum’s market capitalization was stable at around $221 billion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27600 on May 10, 2023, with BTC/USD up by around 0.1% in the previous 24 hours. The crypto stability in the market could continue as the day progresses, but the US CPI data could play a major role in disrupting it. BTC/USD is trading above its 20-day EMA (28716.76) as BTC’s 24-hour volume increased to around $13 billion.