On January 20, Bitcoin’s price levels saw a gradual dip, moving close to $40,000, but a sustained recovery helped BTC climb back above $41,000 in the last 24 hours.
Sentiments in the crypto market are somewhat cautious presently but still optimistic. In the past 48 hours, Bitcoin went through a phase of volatility, dipping initially towards $40,000. However, Bitcoin’s price levels went through higher support after that, surpassing $41,000. It could reflect more robust buying activity at the $40,000 mark with a long-term perspective.
The crypto market’s outlook for the upcoming week is still uncertain. Experts also have polarizing opinions regarding its future trajectory. Although its long-term growth path looks firm, it may see higher volatility shortly.
The long-term impact of spot Bitcoin ETFs remains to be seen as well. However, their arrival undoubtedly marks a significant step forward for the crypto industry. Increased institutional involvement, improved liquidity, and greater market legitimacy have the potential to propel Bitcoin and the broader crypto market to new heights.
A recent blockchain analysis report claimed the level of crimes in the crypto market had decreased. It said, “Crypto scamming and hacking revenue both fell significantly in 2023, with total illicit revenue for each down 29.2% and 54.3% respectively.” The numbers could be a positive development for the crypto community, as investor trust could increase further with these improving metrics.
BTC/USD 1D price chart
Bitcoin is currently trading at around $41,600 on January 21, 2024, with BTC/USD trading lower by a margin of 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $815billion.
BTC/USD is trading lower than its 20-day EMA (43,675.75), as BTC’s 24-hour volume was at around $10 billion. The crypto market cap decreased by around 0.05%, trading above $1.64 trillion. BTC’s year-to-date returns are at -0.73%.
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