With Bitcoin settling above $58,000 over the weekend, the overall crypto market dynamics have also tuned into stable movements with little volatility.
Bitcoin and other tokens in the crypto market have traded with relatively much less volatility in the last two days. While BTC held its range above $58,000, ETH did above $2,500. At the same time, the broader crypto market dynamics continue to derive sentiments from the macroeconomic climate. At this juncture, most capital markets worldwide are anticipating a rate cut from the US Federal Reserve soon.
The effects of a rate cut could also impact the crypto market, as in the past. Even though Bitcoin has consolidated between $50,000 and $70,000, its potential to breach its resistance has emerged. BTC has attempted a breakout several times, but the resistance at $70,000 has stood firm. At the same time, an election year in the US may also influence the crypto market.
The last time a steep rally occurred in the crypto market, in 2021, BTC went above $69,000. This year, it crossed the mark again, raising hopes for a new rally. While various analysts have predicted optimistic targets for the market, ongoing barriers have emerged as concerns.
Most of these roadblocks range from global economic uncertainty, geopolitical implications, and investor sentiments. However, with Bitcoin’s resilient history, nothing can be ruled out. It may as well reach another peak in 2024.
BTC/USD 1D price chart
Bitcoin is currently trading at around $59,600 on August 18, 2024, with BTC/USD trading higher by a margin of around 0.7% in the last 24 hours. Bitcoin’s market cap was trading at around $1.1 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (around 61,000), as BTC’s 24-hour volume was at approximately $14 billion. The global crypto market cap increased by around 0.7%, trading above $2 trillion. BTC’s year-to-date returns are above 41%.
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