The crypto market looked stationary in the last 24 hours with little movement, but BTC’s price point above $30000 was a positive sign.
Several crypto tokens saw opposite movements in the last 24 hours, while the overall crypto market witnessed little movement. While the stagnancy was something to consider for traders, most are positive, with BTC’s trading range still above $30000.
Polkadot and XRP saw gains, while Polygon, BNB, Solana, and others traded in the red. ETH was also trading below $1900, but it could bounce back above the level in the next few days.
Bitcoin’s consolidation above the $30000 mark was such that it stayed above the level continuously for five days. With the initial boost from the spot Bitcoin ETF, bulls sustained the rally further. Analysts believe institutional investors may drive the next rally, to be joined by retail investors eventually.
The bears were also active, but mostly around the $31000 area. Bitcoin’s resistance has thus formed around $30900, and the support at $30000. The crypto market saw a minuscule decline of 0.03% and hovered around $1.18 trillion. Bitcoin’s market cap touched $590 billion, which was a bullish signal at this point. Its dominance ranges from above 50% of the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30200 on June 28, 2023, with BTC/USD down by around 0.8% in the previous 24 hours. BTC/USD is trading above its 20-day EMA (27,595.06) as BTC’s 24-hour volume increased above $17 billion. Bitcoin has seen around 83.47% returns on a year-to-date basis.