After a week of no bullish triggers, crypto bulls seem to have become more active as Bitcoin went past its immediate psychological resistance.
The crypto market recovery in the last 24 hours has been a relief for investors in the space. Crypto bulls have taken the lead, with Bitcoin crossing $26000. The global crypto market cap was also trading at $1.06 trillion. It rose by 1.3% in the latest rally.
ETH is also above $1600 with a consistent market cap. Others like Solana, Litecoin, and Polkadot have also registered positive movements. BTC’s break above its previous trading range could be a positive signal. Traders could now eye consolidation above the current price level.
The weekend may see lower volatility levels, but analysts expect BTC to sustain till next week. Buyers may provide the next support if it can go across $26500 soon. Till then, it could trade narrowly around $26000 or slightly dip below the mark.
Even after its previous month’s losses, BTC is sitting on gains above 50% this year. Its highs in July were positive signs, but macroeconomic pressures could have pulled it down. It could aim to reach $30,000 once again this year.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26200 on September 8, 2023, with BTC/USD trading higher by 1.8% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (26,678.49) as BTC’s 24-hour volume increased to around $14 billion. Bitcoin has seen around 55.91% returns on a year-to-date basis.