After a couple of days of mini corrections, the crypto market direction has reversed and is again on the path to a broad-based rally.
A Bitcoin price recovery since the early hours of July 26 has put the crypto market direction back on course for a rally. The Bitcoin rebound occurred just a day after it had slowed down to $63,000, with slight selling pressures. With this recovery, BTC might again attempt to consolidate above $67,000 and create signals for a rally to $70,000 soon. However, the next few days could be crucial for BTC, as traders and investors are closely monitoring its support level.
The upcoming Bitcoin conference in Nashville, Tennessee, could also play a role in the Bitcoin rebound. A US presidential candidate is scheduled to speak at the rally, which has generated speculation about any possible announcements. However, there has been no concrete indication from the event regarding Bitcoin yet.
Meanwhile, a leading crypto research firm has published a report on the current state of the market. The report mentioned that the upcoming conference and its events could have an impact on the crypto market’s trajectory.
In the last 24 hours, tokens in the market have seen improving indicators. While ETH recovered by over 2%, SOL rallied by 3%. Other tokens like ADA, DOGE, and DOT also saw gains in single digits.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,000 on July 26, 2024, with BTC/USD trading higher by a margin of around 4% in the last 24 hours. Bitcoin’s market cap was trading at around $1.3 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 62,000), as BTC’s 24-hour volume was at approximately $35 billion. The global crypto market cap increased by around 3%, trading above $2.4 trillion. BTC’s year-to-date returns are above 59%.
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