Bitcoin could not hold above $29000 as it witnessed a downward trajectory amidst the crypto market sell-offs.
The crypto market turned red in the last 24 hours as most altcoins went through a downward trajectory, and Bitcoin declined below $29000. Though the dip could be temporary, it has raised concerns amongst investors for the next phase of Bitcoin’s movement. Just the previous week, it had shown bullish signs of crossing $32000 before sliding below $30000.
Experts have termed the dip to be an after-effect of the UK’s Consumer Price Index data, which showed its inflation to be the highest amongst all countries in Western Europe, with a 10.15 rate. The crypto market was quick to react to the news, falling immediately. Bitcoin currently holds support at $28500 while its resistance has formed at $29000.
As per the crypto market’s trend in the last few months, the days after the launch of inflation data in major economies are usually highly volatile. The present downward trajectory in the market reflects the same but could settle down after a few days.
The overall crypto market’s capitalization fell by 3.5% toward $1.25 trillion. Cardano, Polygon, Polkadot, and many other altcoins had suffered cuts the previous day. ETH was currently trading below $2000.
BTC/USD 1D price chart
Bitcoin is currently trading at around $28800 on April 20, 2023, with BTC/USD down by almost 2% in the previous 24 hours. As the crypto market faces a downward trajectory, most cryptos are trading below their earlier levels. BTC/USD is trading higher than its 20-day EMA (28,719.54). Bitcoin’s 24-hour volume was above $23 billion.