A sudden crypto market correction on March 5 brought down BTC to the $61,000 mark, but a swift recovery ensued in the next 24 hours, while Bitcoin’s trading volumes also increased.
The last 24 hours saw much higher volatility in the crypto market. A crypto market correction initially pulled BTC below its earlier levels as traders could have booked profits. However, fears of a bearish phase soon disappeared and Bitcoin recovered soon and crossed $67,000 again. It could soar higher if it successfully consolidates around its current trading range. Meanwhile, Bitcoin’s trading volumes have also recently increased to record levels.
Several analysts and experts deemed the crypto market correction a positive sign. During the correction, BTC dipped around 9% from the $68,000 mark. Investors could have sensed a buying opportunity thereafter, which likely led to the next rally.
Noted financial analyst John Bollinger noted the correction and said it wasn’t a big concern. He stated, “Is it leverage, weak hands, or something else? In any case, a one-day setback does not make a top.” Other traders could have also expected deeper corrections in the crypto market. Since it did not occur, sentiments could have turned positive yet again.
ETH is also trading above $3,700, creating signals of a breakout till $4,000 soon. Moreover, other crypto tokens also went through mixed movements during BTC’s correction.
BTC/USD 1D price chart
Bitcoin is currently trading at around $ 67,000 on March 6, 2024, with BTC/USD trading higher by a margin of 1% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.32 trillion.
BTC/USD is trading higher than its 20-day EMA (54,916.66), as BTC’s 24-hour volume was at around $101 billion. The global crypto market cap increased by around 0.61%, trading above $2.52 trillion. BTC’s year-to-date returns are at 57.11%.
Join Millionero for a smooth crypto trading experience!