After the crypto market sell-offs led to a major decline among tokens, Bitcoin’s road to recovery emerged soon enough, helping the market revive its optimistic sentiments.
Crypto indicators bounced back from the red and have turned positive recently. As a result, signals for a bigger decline in the crypto market were put to rest. Bitcoin’s road to recovery has been robust over the last 24 hours. Moreover, other tokens in the crypto market also witnessed an uptrend led by improving sentiments.
Among the altcoins, DOGE has posted around 77% gains this year, making it one of the highest returns in 2024. SHIB has also been in the green in 2024, while SOL and ETH have also been good performers. Amidst the recent recovery of crypto indicators, ETH rose by around 5%, while SOL surged by 7% to trade at $154.
Bitcoin’s support for the next few days could hover around $60,000 until it consolidates above $70,000. Once it happens, one could expect a post-halving rally in the crypto market. Bitcoin’s next short-term target could be surpassing its 20-day moving average.
During its last decline on April 13, several analysts claimed BTC was not on red alert. One of its biggest proponents, Michael Saylor said, “Chaos is good for Bitcoin.” Other analysts also described it as a normal drop for the crypto token.
BTC/USD 1D price chart
Bitcoin is currently trading at around $65,700 on April 15, 2024, with BTC/USD trading higher by a margin of 2.53% 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 below its 20-day EMA (68,068.00), as BTC’s 24-hour volume was at around $42 billion. The global crypto market cap increased by around 3.47%, trading above $2.43 trillion. BTC’s year-to-date returns are at 57.88%
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