Over the weekend, the crypto market did not see a decrease in value, with BTC trading firm over its earlier levels with support from crypto buyers.
Bears were unable to bring down Bitcoin below its support in the last two days. A firm footing from BTC has helped the crypto market stay stable. Crypto buyers were also active with other tokens, as most of them did not see dips. The next 24 hours could be crucial for Bitcoin to set the tone for the market’s movements in the upcoming week.
Most crypto analysts are optimistic that BTC will rise from its present levels. They expect the token to hit its all-time high before its next halving event. The only concern could emerge from the macroeconomic front, as further interest rate hikes could be a hindrance.
High-interest rates worldwide have prevented high capital inflows into the crypto market. Even then, BTC has staged a steep recovery in 2023 so far. If central banks ease monetary policy gradually, the crypto markets could see a gradual recovery.
Since BTC is trading above its 20-day moving average, its downward momentum has decreased. If it can continue to trade above the level, bulls could help it go higher.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26550 on September 17, 2023, with BTC/USD trading higher by 0.1% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,141.99) as BTC’s 24-hour volume stayed at around $6 billion. Bitcoin has seen around 59.45% returns on a year-to-date basis.