BTC and other tokens saw slowing movements over the weekend as traders booked profits according to the latest crypto analysis of the last two days.
The week started with neutral conditions for the crypto market, especially for Bitcoin. Over the last few days, Bitcoin has seen rising volatility but has stuck to its range. Moreover, the latest crypto analysis suggests that profit-booking has continued. Even though traders continue on a selling spree, Bitcoin’s support at $41,000 is rigid. If it holds the support, investors could help create a year-end rally.
The industry saw positive comments on crypto from several quarters of the financial services industry. Global investment manager VanEck’s CEO recently expressed his bullishness on Bitcoin. He expects BTC to rise to its all-time highest levels in 2024. Van Eck also refused to believe the current rally in crypto was a bubble. “It’s impossible for me to imagine some other internet store of value [will] leapfrog Bitcoin,” he said.
With the slowdown, the crypto market could also see bulls re-entering the market. BTC could soon reclaim the trading range above $43,000 if they do so in large numbers. The only concern would be to hold BTC above its support and 20-day moving average in the current week. On the other hand, ETH was trading above $2100 with a market cap of $282 billion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $41,200 on December 18, 2023, with BTC/USD trading lower by a margin of 1.9% in the last 24 hours. Bitcoin’s market cap was trading at around $806 billion.
BTC/USD is trading higher than its 20-day EMA (40,398.00), as BTC’s 24-hour volume was at around $18 billion. The crypto market cap decreased by around 1.96%, trading above $1.56 trillion. BTC’s year-to-date returns are above 148.26%
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