Mixed trends erupted in the crypto market, with varying sentiments and signals, leading to little movement in the last 24 hours.
Uncertainties prevailed in the crypto market, with crypto tokens seeing mixed trends. On the positive side, Bitcoin saw a solid rise as its support firmed up above $26000. The crypto market was still awaiting clarity on the regulatory front as legal issues continued to pose a hurdle for an immediate rally.
Many experts have claimed the current climate may continue for some time, so traders could start adopting cautious positions. With Bitcoin’s stellar rise in 2023, it is unlikely that the market will fall below its support in the short term. While volatility was steady till the previous day, it gradually diminished in the last 24 hours.
The global crypto market cap has fallen by 2% in the last 24 hours, hovering around $1.15 trillion. Bitcoin and ETH dominated it with market caps of approximately $512 billion and $221 billion, respectively. The SEC’s actions on certain crypto exchanges have not had a serious effect on the market, experts claim. Though several tokens are trading flat, their support levels are also resilient. ETH was also trading at its previous level of $1840.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26600 on June 9, 2023, with BTC/USD up by around 0.8% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (26,892.61) as BTC’s 24-hour volume stayed over $11 billion. Bitcoin has seen around 60.58% returns on a year-to-date basis.