Even though sentiments dropped a little after sell-offs resumed, analysts predicted a neutral crypto market outlook for the short term.
The crypto market outlook has drifted along neutral signals in the last 24 hours. Bitcoin had earlier tried to initiate a crypto rally but was met with active bears in the market. The uncertainty around the crypto ETFs could be one of the main reasons for its tight range.
On the other hand, equity indices in the US have risen in the last few days. It has yet to lead to a spillover effect on the crypto market. Some analysts expect BTC to revisit its $25200 support level in the next few weeks. It could receive a recovery trigger for the next phase at that point.
The movements of the market could tilt towards either side in September. Bitcoin’s market cap is stable, while Ethereum’s is above $198 billion. The balanced movements in the market could be a positive sign for long-term investors.
Most experts agree that the current liquidity crunch of the market depends on central banks’ decisions. Until interest rates cool down, the tight trading patterns could persist in the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $25600 on September 5, 2023, with BTC/USD trading lower by 1.2% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (27,218.29) as BTC’s 24-hour volume decreased to around $10 billion. Bitcoin has seen around 55.12% returns on a year-to-date basis.