The surge in the crypto growth rate helped BTC recover from its losses and reclaim its earlier resistance, though traders have been cautious for weeks
The crypto market saw a sharp rebound after Bitcoin had dipped below $26000. The crypto growth rate recovered in the last 24 hours, sending BTC beyond the level again. Traders are still not long on the market but have seen better outlooks recently.
Macroeconomic factors like the Chinese tax cuts could have also positively impacted the global economy. Moreover, Bitcoin’s 200-day moving average is at around $25000. Bulls could have pushed BTC to maintain the moving average at that mark. Long-term investors could see a big entry opportunity if BTC held on to the level. But if BTC dipped further than the level, it could have seen more cuts.
Analysts have also termed Bitcoin’s path ahead to see an exponential rise. They term factors like the BTC halving event, cooling global inflation, and global regulation to boost the market. A global consensus is not yet a reality for crypto regulation, but the G-20 has consistently advocated for it.
Presently, the crypto market cap is comfortably above $1 trillion. It has not lost considerable value even though its trading volumes have been low.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26000 on August 29, 2023, with BTC/USD trading higher by 0.3% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (27,931.09) as BTC’s 24-hour volume increased to around $9 billion. Bitcoin has seen around 56.78% returns on a year-to-date basis.