Crypto investors undertook a profit-booking session on August 1, leading to a BTC price correction, but the market has reclaimed its earlier support levels and has had a broad recovery since then.
After a period of low volatility in the earlier part of the week, it has increased in the last 24 hours. A BTC price correction occurred in the later hours of August 1, with Bitcoin arresting the dip at $62,000. Since then, it has turned back on the path towards an upward trajectory. Meanwhile, crypto investors could have booked profits this week, which likely resulted in the correction.
Ever since the Bitcoin halving event this year, Bitcoin’s consolidation phase has been in a range between $58,000 and $72,000. Except for temporary fluctuations, this has been the norm for Bitcoin this year. Moreover, it has also led to a period of stability for the token and the crypto market. Crypto investors have attempted price breakouts around $70,000, but bulls haven’t been able to take it forward.
However, crypto bulls have successfully managed to avert bears from pulling the market down on multiple occasions. The most prominent one was in mid-July, when bearish pressures had mounted on the market. BTC still managed to end the month with positive returns, underlining its firm fundamentals.
Recently, the performance of most crypto tokens has been mixed. A few are in the green, while the others have posted minor losses.
BTC/USD 1D price chart
Bitcoin is currently trading at around $64,600 on August 2, 2024, with BTC/USD trading higher by a margin of around 0.6% 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 higher than its 20-day EMA (around 63,500), as BTC’s 24-hour volume was at approximately $39 billion. The global crypto market cap decreased by around 3%, trading above $2.3 trillion. BTC’s year-to-date returns are above 54%.
Join Millionero to begin crypto trading seamlessly!