A bull market in crypto seems to be taking shape as Bitcoin may have consolidated above $60,000 after staging a price breakout around the same level.
Bitcoin has steadily moved up in the last two days, hitting $64,000 in the same period. Daily trading volumes in the market have also not dipped below $20 billion. This is not a norm, as weekends usually see lower trading volumes. However, this time, the crypto market could have brushed aside any selling pressures. Moreover, a bull market in crypto could emerge if Bitcoin continues its present trajectory.
Traders could be anticipating a further hike for BTC to $68,000. Once that happens, bulls might have to gather strength to breach the $70,000 mark again. It could unlock a wave of positive sentiments in the market, sending it even higher.
Meanwhile, crypto analysts pointed out in reports how rate cuts by the US Federal Reserve have led to crypto rallies in the past. Mentioning the rate cuts of March 2020, they noted how BTC went through one of its biggest rallies post that.
In addition to its technical attributes, Bitcoin’s resilience is also rooted in its strong community support. A global network of developers, investors, and enthusiasts has rallied behind Bitcoin, contributing to its ongoing development and adoption. This trend is also evident in other blockchains and tokens, which have also been bullish this year.
BTC/USD 1D price chart
Bitcoin is currently trading at around $64,200 on August 25, 2024, with BTC/USD trading higher by a margin of around 0.2% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 60,400), as BTC’s 24-hour volume was at approximately $21 billion. The global crypto market cap increased by around 0.3%, trading above $2.2 trillion. BTC’s year-to-date returns are above 51%.
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