Bitcoin has gradually managed to surpass $57,000 in the last 24 hours with the help of BTC bulls, leading to a crypto market recovery in sight.
With the crypto market climbing steadily in the last 24 hours, BTC bulls finally seem to be back in focus. The bulls were active above the $55,000 price level, fighting back selling pressures. Meanwhile, a broad crypto market recovery, although minor, helped multiple tokens register gains. These included ETH, SOL, and XRP, among others.
With the recovery, Bitcoin might have bottomed out, ignoring speculation regarding a dip to $40,000. A few analysts had warned about a steeper dip, but it did not occur. On the other hand, others feel the $80,000 price target is also possible.
As a result, mixed trends from analysts and experts have emerged in the crypto market. However, the uptrend in the market could be a signal for the upward trajectory to continue for a while.
An improvement in the macroeconomic scenario worldwide could be necessary for the crypto market to surge. At present, due to various reasons, global markets are trading at a monthly low.
Crypto traders might need to attempt a weekly close for Bitcoin at above $59,000 to continue the current bullish momentum. At present, it looks possible, but the upward trend needs to strengthen with better price support, hovering above $55,000 as of August 7.
BTC/USD 1D price chart
Bitcoin is currently trading at around $57,300 on August 7, 2024, with BTC/USD trading higher by a margin of around 3% in the last 24 hours. Bitcoin’s market cap was trading at around $1.1 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (around 63,200), as BTC’s 24-hour volume was at approximately $44 billion. The global crypto market cap increased by around 2%, trading above $1.9 trillion. BTC’s year-to-date returns are above 36%.
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