Bitcoin declined below $28000 after a few days of high growth, which led to a brief crypto market drop.
As the week drew to a close, Bitcoin witnessed a slowdown and dropped below $28000. The eventual crypto market drop could have happened due to investors booking profits after a week of high growth. Bitcoin had touched $29000 and shown extreme bullishness, putting aside any signs of stress in the global economy. Experts believe the lull in the market could be a temporary cooling phase before another Bitcoin rally in April.
Other market altcoins showed mixed signals, as Dogecoin, Solana and others were trading below their earlier levels, while XRP, BNB, Tron and many others showed positive signs. ETH also dipped briefly below the $1800 mark, which has been acting as its resistance for a week. While Bitcoin had shown signs of consolidation over $28000, volatility in the market had increased significantly in the last 24 hours, which could have contributed to the crypto market drop.
The crypto market’s total capitalization floated around $1.2 trillion and is expected to go up steadily as the year progresses. At present, resistance has formed for Bitcoin at $28500, while its immediate support is at $27600. The next positive trigger in the market could help it cross $30,000.
BTC/USD YTD price chart
Bitcoin is currently trading at around $27800 on March 31, 2023, with BTC/USD down by almost 3% in the previous 24 hours. While most cryptos were witnessing mixed movements on the last day, the crypto market growth drop is expected to be reversed into a rally shortly, backed by bulls. BTC/USD is trading higher than its 20-day EMA (25,492.50). Bitcoin’s 24-hour volume stayed at around $20 billion.