The market’s volatility increased after Bitcoin dipped below its trading level at $66,000, as BTC traders weighed in on the risks in the market, but bulls helped it recover from $61,000.
After Bitcoin climbed above $66,000 on April 15 after its dip, it again spiraled downward. As macroeconomic risks loomed, most BTC traders could have turned on their wait-and-watch mode. BTC declined to $61,000, but crypto bulls fought back bears and helped it recover to $63,000. As of April 16, both bears and bulls are active in the crypto market.
It is uncertain if the market sell-offs are over. As the halving event almost knocks on the doors, the movement of BTC after the event is important. Large investors may start taking positions only after observing Bitcoin’s movements after the event. Until then, Bitcoin may trade sideways. Crypto bulls will likely defend Bitcoin’s support at $61,000 this week.
Meanwhile, leading financial services firm Unchained released a report on the wide potential of Bitcoin. It said, “In a world of abundance, hyper-productivity, and intensely competitive markets, storing significant wealth outside of Bitcoin will be increasingly difficult.” Bitcoin’s competitiveness over other traditional assets has gained pace in recent months.
Other tokens in the market, including ETH, saw a price drop.
BTC/USD 1D price chart
Bitcoin is currently trading at around $63,500 on April 16, 2024, with BTC/USD trading lower by a margin of 4.29% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.25 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (67,905.30), as BTC’s 24-hour volume was at around $44 billion. The global crypto market cap decreased by around 4.48%, trading above $2.32 trillion. BTC’s year-to-date returns are at 51.06%
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