Bitcoin maintained its $34,000 support levels as traders witnessed the crypto market going up in the past week with heightened interest from investors.
The last two weeks have seen the crypto market going up consistently, with Bitcoin’s support levels at over $30,000. It has likely consolidated over $34,000 but has seen some sell-offs at $35,000. Hence, Bitcoin’s weekend gains have cooled down slightly. On the other hand, investors’ sentiments have been consistent on the fundamentals of the crypto market. Institutional investors could have led the spur to the current crypto rally with positive anticipation around the crypto ETFs.
At the same time, retail investors have also led the demand for crypto investment funds and products. With analysts revising their targets to positive for the crypto market’s movements, Bitcoin could see additional spikes in the year. In the last 24 hours, the sell-offs led to most crypto tokens trading on a flat note. Volumes in the crypto market were relatively low as well.
A few crypto tokens were in the green, though, including XRP, Cardano, Dogecoin, and Polygon. Solana was one of the highest weekly gainers, with over 29% weekly returns. Bitcoin and Ethereum were broadly stagnant, but their market capitalization was stable. Ethereum’s weekly returns are also at over 5%, while it is trading at $1880.
BTC/USD 1D price chart
Bitcoin is currently trading at around $34,800 on November 6, 2023, with BTC/USD trading lower by a margin of 0.6% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (31,392.15), as BTC’s 24-hour volume was at around $12 billion.
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