After making signs of consolidating above $28000, Bitcoin has crossed $29000, with the crypto market overview indicating a rally.
After going through a phase of recovery, Bitcoin has catapulted itself above $29000, bringing positive prospects for traders and bulls in the crypto market. The crypto market overview has stayed broadly positive in the last couple of days, with most altcoins not registering any losses.
ETH inched closer to sealing a position above $1900 while it had a market cap of over $230 billion. In comparison, Bitcoin’s pie of the overall crypto market’s capitalization surged to over $560 billion. Bitcoin was trading just above $27000 a few days back when the crypto market overview could have drifted either way.
Fortunately, it has steered towards a rally with Bitcoin’s current support at $28000, while the resistance has formed at $29400. Bitcoin has also experienced heavy intra-day volatility as bulls might target its key target in the short term to be $30000.
Even though the overall crypto market overview improved, several altcoins such as Cardano, Dogecoin, Polygon and Solana were either stagnant or had experienced minute losses. The major upward trend in the crypto market’s capitalization was driven by Bitcoin.
Experts have not predicted optimistic outcomes for the US economy in the short term, but the situation could improve as the year progresses, which could help the crypto market in a major way.
BTC/USD YTD price chart
Bitcoin is currently trading at around $29000 on April 27, 2023, with BTC/USD up by almost 0.50% in the previous 24 hours. The crypto market overview looks ready for a longer crypto rally, though some traders have been cautious. BTC/USD is trading higher than its 20-day EMA (28,791.23) as its 24-hour volume rose to over $21 billion.