Though crypto market projections are still cautious, investors saw Bitcoin progressing over $27000 after a volatile week full of dips and panic sell-offs.
The weekend provided a much-needed respite to the crypto market, which was stressed under unpredictable macro conditions in the previous week. Liquidity had decreased, and volatility had been towards a downward trend for Bitcoin.
The major concerns arose from the US debt ceiling talks, which had been inconclusive for a week. Fortunately, a possible deal has been talked through, and the news could have provided a positive nudge to the crypto market projections. Even though the trends remain uncertain, the upward movement of Bitcoin could send across an improved outlook for the overall crypto market.
Experts believe the movement in Bitcoin seems to have been influenced by institutional investors since retail investors are still wary of entering the market. Though Bitcoin has recovered from its losses of late 2022, it still has a long way to go to reach its previous highs.
Long-term investors are positive about such an event in 2023, and several analysts have predicted a mega bull run to be seen soon. But the event’s occurrence depends upon external factors like inflation and interest rate hikes.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27200 on May 28, 2023, with BTC/USD up by around 1.7% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (27,443.77) as BTC’s 24-hour volume stayed constant above $13.5 billion. Bitcoin has seen around 61.46% returns on a year-to-date basis.