Bitcoin’s price has taken the lead in the crypto market rally, as it emerged as a fresh optimistic change from the recent dip, while leading to much better crypto market metrics.
Bitcoin’s price inched closer to $60,000 in the last 24 hours, in what could be a key retest for a major resistance zone. Moreover, it has led to positive crypto market metrics, which do not point at a dip anytime soon. Bitcoin and other tokens did not seem to be affected by the sell-offs in the market recently.
The crypto fear and greed index is another metric that is below the neutral zone. It is hovering at a zone where fear and neutrality is dominant. However, if it gets better in the next few days, an opportunity for retail investors to enter the market may emerge. This trend was also highlighted by the good inflows in the spot Bitcoin ETFs recently.
Apart from BTC, Ethereum also witnessed a price jump recently. Its market cap is at around $372 billion at present. Other tokens like SOL and ADA went through minor price surges at the same time. At this juncture, the crypto market’s next phase of movement is crucial. To unlock its bullish potential, BTC might have to consolidate above $60,000 and avoid a price decline.
In the next few days, if BTC crosses its 20-day moving average, another wave of a price surge may take place.
BTC/USD 1D price chart
Bitcoin is currently trading at around $59,000 on July 10, 2024, with BTC/USD trading higher by a margin of 3.02% in the last 24 hours. Bitcoin’s market cap was trading at around $1.16 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (61,703.70), as BTC’s 24-hour volume was at around $28.24 billion. The global crypto market cap increased by around 2.54%, trading above $2.16 trillion. BTC’s year-to-date returns are at 40.95%.
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