Traders helped BTC’s trading range stay steady, but it narrowed and remained stagnant while the crypto market trajectory went horizontal.
In the last 24 hours, BTC’s trading range was narrow, floating between $63,000 and $64,000. Bitcoin could have settled in this range after a close fight between bears and bulls in the last few days. After the halving event, traders may see another volatility spike in either direction. On the other hand, the demand for Bitcoin could also rise after the event, leading to a price increase.
Even after a section of traders started selling this week, Bitcoin did not dip below $60,000. It could mean long-term investors and whales haven’t sold their holdings. Numerous analyst predictions have had contrasting opinions, but all affirmed crypto’s long-term potential.
For instance, at a recent event, Yat Siu from blockchain firm Animoca Brands said, “I do believe that Bitcoin could reach over a million dollars-plus over time.” He stressed that Bitcoin may become a status symbol of the digital economy.
In other news, the US spot Bitcoin ETFs have seen their inflows decrease. However, a positive event emerged in Asia, where Hong Kong approved a few Bitcoin and ether spot ETFs. These ETFs could be a bonus for crypto investors in Hong Kong who want to start investing in BTC.
BTC/USD 1D price chart
Bitcoin is currently trading at around $63,400 on April 17, 2024, with BTC/USD trading lower by a margin of 0.17% 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 (67,700.12), as BTC’s 24-hour volume was at around $38 billion. The global crypto market cap decreased by around 0.1%, trading above $2.3 trillion. BTC’s year-to-date returns are at 51.31%
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