The latest upward trend in Bitcoin has led to the crypto market jump above its earlier levels, breaking the flat movement of the last few days.
The crypto market jumped from its stagnant levels over the last weekend as Bitcoin rolled over $28000 yet again. Experts are focussed on the crypto’s movement in the ongoing week as it tries to settle and consolidate over $28000. The resistance for Bitcoin above $28500 has been pretty strong, so it might need support from bulls to break the hurdle. ETH was also trading above $1850 with bullish momentum.
The late upward trajectory in Bitcoin and the subsequent crypto market jump could be due to the release of the non-farm payrolls report in the United States, which showed a healthy addition of 236,000 jobs to the economy. An improvement in such macro-economic indicators could have led to buoyancy across markets.
Ahead of the Shanghai update on April 12, ETH is trying hard to cross $1900 while Bitcoin attempts to cross $29000. Its resistance was constant at $27900. Amongst other tokens, Shiba Inu, Dogecoin, BNB, and Solana rallied up to 2%. Analysts have focussed on the need for Bitcoin to cross its resistance to trigger another rally while coming down below $28000 could launch another phase of a flat crypto market.
BTC/USD YTD price chart
Bitcoin is currently trading at around $28300 on April 10, 2023, with BTC/USD up by almost 1.5% in the previous 24 hours. With the crypto market jump, most altcoins are currently trading upwards. BTC/USD is trading higher than its 20-day EMA (27,380.18). Bitcoin’s 24-hour volume is above $15 billion.