While the market saw some profit booking in the last 24 hours, crypto market indicators still point towards a sustained recovery for BTC to $37,000 soon.
The crypto market witnessed traders and investors booking profits as several altcoins, along with Bitcoin, underwent a brief downward trend. The reason for the movements of the last 24 hours could be the upcoming inflation data of a few countries. According to past trends, crypto investors stay cautious ahead of the data’s release. Even so, the current crypto market indicators suggest further room for price growth in Bitcoin and other tokens.
The indicators first highlight the crypto inflows of the recent past. Experts and analysts have observed rising numbers for crypto inflows in the last few weeks. Investors mostly relied on digital investment products to plow capital into Bitcoin and multiple other altcoins. As a result, the crypto market cap has steadily increased in 2023.
Moreover, the Bitcoin halving event of 2024 has led to a tight BTC supply. Market intelligence firm Glassnode said in its weekly report, “If we compare Short-Term Holder Supply and Exchange Balances, we can see they are of a similar magnitude of around 2.3M BTC. Combined, these two measures of ‘available supply’ equate to 23.8% of the circulating supply, which is now at an all-time-low.”
BTC/USD 1D price chart
Bitcoin is currently trading at around $36,400 on November 14, 2023, with BTC/USD trading lower by a margin of 1.6% in the last 24 hours. The market could trend with tight movements till the inflation data is released.
BTC/USD is trading higher than its 20-day EMA (34,060.51), as BTC’s 24-hour volume was at around $18 billion. The crypto market cap decreased by around 0.12%, trading at $1.4 trillion.
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