The last weekend of the year saw Bitcoin sustaining its support at $42,000, as the crypto market future for the upcoming seems to be sealed with a bullish outlook.
The crypto market witnessed robust support levels in the last couple of days. Bitcoin dipped towards $41,500 on December 30, only to recover in the next 24 hours. Its support looks strong at $42,000 presently and could be a foundation for sustaining the rally in January 2024. Meanwhile, the crypto market saw a minimal dip in volatility with static movements. Overall, the crypto market future looks set for an excellent start to the new year.
The bullish momentum is still intact in the crypto market, with the rising market cap sending optimistic signals. Ethereum nudged closer to $2,300, trading just below the level during the last few days. BNB’s weekly gains also surged higher the previous week, reaching over $20%. Others like Polygon and XRP also witnessed positive weekly gains.
Meanwhile, Solana and Avalanche cooled during the week with some losses. The two tokens had surged significantly higher during December. Moreover, the price strength in the altcoins has also led to positive sentiments in the market, which spilled across the crypto community.
In early 2024, inflation, geopolitical aspects, the Bitcoin halving event, and the spot Bitcoin ETFs could be major market triggers. As most of the crypto industry is positive, the triggers could turn the crypto market towards a new high.
BTC/USD 1D price chart
Bitcoin is currently trading at around $42,200 on December 31, 2023, with BTC/USD trading higher by a margin of 1% in the last 24 hours. Bitcoin’s market cap was trading at around $831 billion.
BTC/USD is trading higher than its 20-day EMA (42,891.11), as BTC’s 24-hour volume was at around $16 billion. The crypto market cap increased by around 0.44%, trading above $1.66 trillion. BTC’s year-to-date returns are above 153.08%.
Join Millionero and start crypto trading!