Bitcoin could not head across $30000 with subdued behavior, as investors saw the crypto market falling flat with its sentiments.
The current weekend has turned sour for Bitcoin as it fell below $29000 after failing to cross the $30000 mark. Macroeconomic news reports coming in from the United States failed to convince bulls to provide the much-required support to Bitcoin. Consequently, traders saw the crypto market fall, with effects spreading across various altcoins.
BTC/USD has seen staggering returns in the current year, being over 70% up from its levels at the beginning of the year. Hence, analysts have not conveyed any alarm bells even though they saw the crypto market fall minimally in the present weekend.
Traders have mentioned the frustrating stagnating movements of Bitcoin in the last few days. Though it managed to cross $30000 in April, the required support above that level could not be gathered by the crypto market.
ETH has sprung a surprise, though, as it kept floating above $1900. It has been around that level for a few days now, with its capitalization static above $229 billion. Other altcoins like Polygon, Dogecoin, Cardano, and XRP have also flattened out, with minimal losses or sluggish movements.
BTC/USD 1D price chart
Bitcoin is currently trading at around $28800 on May 7, 2023, with BTC/USD down by around 1.4% in the previous 24 hours. With the crypto market falling in the last couple of days with muted sentiments, traders wonder if the recent interest rate hike of 25 bps could chart the next stage of movement for crypto. BTC/USD is trading above its 20-day EMA (29,040.50) as BTC’s 24-hour volume decreased steeply to $8 billion.