After the quantum of crypto volatility dipped significantly, the BTC price index has been floating in a neutral zone without much action from either bulls or bears.
This weekend has seen Bitcoin trade largely sideways, hovering around the $64,000 mark. While this might seem like stagnation on the surface, a closer look reveals a healthy consolidation phase. Moreover, the current BTC price index could be a precursor to a rally as well if sentiments see a sharp recovery. Meanwhile, crypto volatility in the market has been low.
This sideways movement indicates a newfound stability in the Bitcoin market. Buyers and sellers are finding a temporary equilibrium. Hence, it could be an indication of a more mature crypto market compared to earlier years.
Despite the recent price dip, institutional interest in Bitcoin continues unabated. This sustained institutional support is a major factor for Bitcoin’s long-term prospects.
On-chain analysis, which examines activity on the Bitcoin blockchain, reveals some encouraging signs. The number of active addresses on the network has remained steady, indicating continued user engagement.
At the same time, the global economic climate is currently facing headwinds like inflation and high interest rates. This tide may turn in BTC’s favor if it becomes a hedge for investors against inflation. The long-term positive effects of the BTC-halving event are also yet to kick in. Analysts also attribute the spot ETF inflows to a possible rebound in the market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $64,300 on June 23, 2024, with BTC/USD trading lower by a margin of 2.8% in the last 24 hours. Bitcoin’s market cap was trading at around $1.26 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (67,690.39), as BTC’s 24-hour volume was at around $8.7 billion. The global crypto market cap increased by around 0.42%, trading above $2.35 trillion. BTC’s year-to-date returns are at 52 %.
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