After almost dipping below $65,000, Bitcoin’s recovery has been a positive sign for traders in the crypto market, which is cautiously looking towards an upward trajectory for BTC.
Bitcoin traded in a static range between $65,000 and $66,000 over the last 24 hours, but a sudden recovery took place on April 4. During Bitcoin’s recovery, its price exceeded $66,000, igniting hopes for higher momentum until the $70,000 mark. Meanwhile, even during BTC’s last dip, bears couldn’t pull it below $64,000. That could signal underlying strength in Bitcoin’s price action.
Moreover, Bitcoin’s price action had one of its best quarterly performances in Q1 of 2024. The volatility in April 2024 could continue, though, as the halving event will occur soon. Although volatility has surged, the broader long-term perspective for higher prices in crypto is intact.
The Bitcoin futures funding rates also highlight a likely correction in the market. If it occurs, a fresh buying opportunity could emerge. An analyst from a leading crypto market intelligence firm noted the trend.
A post from the firm said the record-long BTC futures funding rates signal bullish sentiments in the market. It stated, “Historically, such optimism precedes price corrections. A subsequent drop may offer a prime buying opportunity.”
A decline this week could be unlikely, as negative triggers aren’t visible in the market yet. Hence, Bitcoin’s price action could continue its upward movements.
BTC/USD 1D price chart
Bitcoin is currently trading at around $66,310 on April 4, 2024, with BTC/USD trading higher by a margin of 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.3 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (68,410.60), as BTC’s 24-hour volume was at around $29.6 billion. The global crypto market cap increased by around 0.29%, trading above $2.51 trillion. BTC’s year-to-date returns are at 58%
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