With the US debt ceiling talks marking some confirmed progress, crypto marked a strong rebound from its lower trading levels last week.
The US debt ceiling talk’s likely deal in the upcoming days has sparked positive sentiments in the crypto market, with Bitcoin staging a strong upward trend in the last 2 hours. Crypto marking a rebound came as a relief after a stressed week of low liquidity in the crypto market.
Though experts are still cautious considering the macroeconomic trends of the near future, the crypto market’s surge could be a trigger for several crypto tokens to follow in Bitcoin’s cue. With Bitcoin’s dominance in the crypto market, even the slightest rally in BTC initiates a ripple effect across the market.
The weekend was when Bitcoin started moving upward minimally, before crossing the much discussed $27000 hurdle. The early hours of May 29 even witnessed Bitcoin going over $28000 before settling back comfortably over $27000. As a result, crypto marked a steep return from its declining trends.
Almost all altcoins were immersed in a sea of green, which was a much needed sight. ETH crossed the $1900 barrier after days, recording a robust 3% gain in the last 24 hours. The overall crypto market also witnessed over 1% gains as it looks toward consolidating its market capitalization. Ethereum’s 24-hour trading volume went over $6 billion, while its market cap was settled at $219 billion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27200 on May 29, 2023, with BTC/USD up by around 2.6% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (27,453.48) as BTC’s 24-hour volume stayed above $15 billion. Bitcoin has seen around 68.30% returns on a year-to-date basis.