With an overall bullish wave riding with Bitcoin, traders, and investors witnessed the crypto market recovering from its lower levels.
The crypto market, which has been under stress for a few days, has reacted positively to the latest interest rate hike, which the Federal Reserve announced on May 3. The rate hike of 25 bps was also accompanied by signals of pausing the hikes should the economy demand the same.
A sea of green was observed, with the crypto market recovering with renewed optimism for the days ahead. With the interest rates hitting their highest levels in several years, the Fed’s indication of the latest hikes being the last could have been a catalyst for the crypto market.
ETH surged to touch $1900 once again, while other altcoins also regained strength after a period of suffering losses. With Bitcoin approaching its immediate resistance at $29420, the crypto market could see another rally taking shape which could include Bitcoin hitting $30000.
The next macroeconomic event to influence the crypto market could be the employment figures of the US, which are expected to be released on Friday. The overall market cap of the crypto market hit $1.25 trillion in the last 24 hours, rising by 1.7%. Bitcoin’s overall capitalization stayed broadly static at over $564 billion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29000 on May 4, 2023, with BTC/USD up by almost 1.3% in the previous 24 hours. With the crypto market recovering quickly, altcoins like Polkadot, Solana, Polygon, and Dogecoin also saw revivals in their upward movement on the last day. BTC/USD is trading above its 20-day EMA (28,970.00) as BTC’s 24-hour volume went up to around $18 billion.