As lawmakers in the US reached a final deal for its debt ceiling, crypto estimates could get a boost from the flat trends of the past few days.
With the US debt ceiling deal being finalized, crypto traders could hope for upward trends shortly. The major macroeconomic event had been the catalyst for the crypto market for the past few weeks, with Bitcoin trading at close range. Though it went past $28000 for a short period, it has yet to consolidate above the mark.
Though the crypto market hasn’t shown any immediate upswing yet, it could gradually turn green with positive crypto estimates coming in. The next target for BTC could be crossing the $27500 barrier and aiming to gather bulls’ support over $30000.
Several analysts and experts have expected sufficient liquidity above the $30000 mark, but bulls would have to support BTC to reach that level. The $32000 level may also be breached within this month if the markets move according to the bullish crypto estimates.
The previous month was stagnant for crypto, with the dominant BTC oscillating between $26000 and $28000. Macroeconomic trends were majorly responsible for the tight trading range of the market. Other altcoins could also see an improvement hereafter.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26800 on June 1, 2023, with BTC/USD down by around 0.8% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (27,223.23) as BTC’s 24-hour volume stayed just above $13 billion. Bitcoin has seen around 61.79% returns on a year-to-date basis.