With Bitcoin rebounding towards $29000, crypto market emotions maintained an optimistic outlook toward the near future.
Bitcoin started off on a positive note at the beginning of April, as crypto market emotions rose to optimistic sentiments. While Bitcoin has faced high levels of volatility in the past few days, it has maintained a trading range between the levels of $27000 and $29000. It indicated a much-improved outlook since the end of 2022, when the crypto market was reeling under pressure and panic sell-offs.
While 2023 has been much better for Bitcoin compared to the previous year, experts have predicted an incoming bull run in the crypto market which could make Bitcoin cross its all-time highs. On the macroeconomic front, the global economy is still reeling under the pressures of inflation and a probable recession, which could have played a role in limiting Bitcoin’s further rally in 2023 so far.
Along with Bitcoin, most other cryptos were trading with gains as crypto market emotions undertook an improved makeover during the weekend. Dogecoin, Solana, Polkadot, and Shiba Inu were all trading higher, while ETH also maintained its level above $1800. The overall crypto market capitalization stood just above $1.20 trillion, while BTC dominated with its share of over $530 billion market cap.
BTC/USD YTD price chart
Bitcoin is currently trading at around $28400 on April 2, 2023, with BTC/USD up by almost 0.2% in the previous 24 hours. With most cryptos witnessing upward movements on the last day, crypto market emotions would likely stay positive throughout the week. BTC/USD is trading higher than its 20-day EMA (25,521.75). Bitcoin’s 24-hour volume stayed at around $20 billion.