With Bitcoin crossing $26000 after days of being beaten down by bearish macroeconomic events, crypto indicators have turned green.
BTC’s bullish movement in the last 24 hours cheered the crypto markets as several crypto tokens improved from their lower levels. Various factors could have contributed to the improvement of the crypto indicators, as traders saw Bitcoin crossing $26000 after a major slump.
June 17 saw the crypto market’s capitalization zoom past $1 trillion, increasing over 7% from its levels of around $975 billion. Bitcoin’s dominance in the crypto market’s capitalization has reached almost 50%, with an over 8% rise in the last two days.
ETH has also seen a recovery towards $1700, while Solana, Polygon, and Cardano also witnessed a rise in their trading levels.
Many experts believe the better crypto indicators could be due to investment company Blackrock’s application for a Bitcoin ETF. If the regulators approve the ETF, the crypto market could see the investment firm entering it as a major buyer.
For now, the crypto indicators hint towards further recovery in the markets, following its trends since the beginning of the year. While bears could also jump into the market in large numbers, its support below $1 trillion looks firm currently.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26400 on June 18, 2023, with BTC/USD down by around 0.17% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (26,549.93) as BTC’s 24-hour volume stayed over $9 billion. Bitcoin has seen around 59.26% returns on a year-to-date basis.