Bitcoin, which has been range-bound for a few days, rose suddenly in the last 24 hours as traders saw the entire market going green in the crypto charts.
The crypto market has seen low levels of volatility in the last few days. Experts predicted the calm to end once the US released the CPI reports. But bulls have intended otherwise, taking BTC ahead of $29500 in the last 24 hours. Crypto charts were all green as the market reacted positively to the upcoming inflation data.
The situation in crypto was opposite to that of equity markets. Several equity indices have fallen in anticipation of the inflation reports. Leading fintech PayPal’s stablecoin plans could have also contributed to the rally. BTC briefly touched the $30000 mark during its rise, hinting at bullish sentiments.
Though it is trading below the mark, its next resistance has been set at $30000. Meanwhile, the crypto market could receive a renewed boost if the CPI data is favorable. The days could see more fintech and investment firms diversifying into ETFs and stablecoins. It could lead to an upbeat crypto market and a broad rally.
The latest upward trend saw tokens like ETH, Solana, XRP, Cardano, and Shiba Inu registering gains. ETH has reclaimed the $1850 mark, while Shiba Inu saw one of the highest one-day returns.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29600 on August 9, 2023, with BTC/USD going up by 1.7% in the previous 24 hours. BTC/USD is trading higher than its 20-day EMA (29,615.07) as BTC’s 24-hour volume increased to around $18 billion. Bitcoin has seen around 79.28% returns on a year-to-date basis.