With the crypto market down with gloomy sentiments, only Bitcoin’s revival could help it shoot up in the next few days.
In spite of a strong report coming in from the United States regarding its jobs data, Bitcoin faltered in its course to cross $29000 and slipped below $28000 instead.
The current muted movements could be temporary, though, with the situation being perfect for bulls to take long positions on Bitcoin. But ETH fell along with Bitcoin as well, dipping below $1900 to trade around $1850 on May 8.
With the crypto market down, analysts have presumed the sell-offs could have occurred due to a major exchange stopping Bitcoin withdrawals in the last few days frequently, with large volumes being a probable reason.
On the positive side, the crypto market’s overall capitalization is firm at over $1.18 trillion, though it decreased by around 2% in the last 24 hours. Bitcoin’s market share dominates it by 47% currently, with a capitalization of around $545 billion.
Though Bitcoin’s weekly average stands at a negative 3.5% currently, the sentiments could largely improve once bulls start providing the necessary support to Bitcoin at the present levels. Other crypto tokens were trading with losses, including Cardano, Dogecoin, Polygon, and XRP.
BTC/USD 24H price chart
Bitcoin is presently trading at $27900 on May 8, 2023, with BTC/USD down by around 3.2% in the previous 24 hours. With the crypto market down in the last couple of days with negative signals, traders and investors have taken a wary approach for the time being. BTC/USD is trading below its 20-day EMA (29,981.45) as BTC’s 24-hour volume increased to around $12 billion.