While Bitcoin was trading higher over the weekend, it slid below $28000, leading to the crypto market slip from its earlier market cap.
Bitcoin faced some pressure over $28000 as it led to the crypto dipping moderately. Subsequently, the crypto market slipped by over 2%, with its market capitalization staying put at just over $1.2 trillion. Most other cryptos were also trading with losses on April 3, with BNB, Dogecoin, Polygon, Solana, and others declining in the last 24 hours. ETH traded just below $1800 as it fought hard to consolidate over the mark.
The latest event of the crypto market slip could be due to global pressures on the economy and also due to important macroeconomic data of the United States upcoming this week. Bitcoin has generated a strong rally in 2023, recovering all its losses at the end of 2022, rising by over 20% in the last month alone. While experts are positive about its rally in 2023, it remains to be seen how soon BTC crosses $30000 to trigger the next wave of a rally in the crypto market.
At present, Bitcoin has a market capitalization of over $530 billion, dominating the crypto market with over 44% share. Bitcoin’s consolidation over its key resistance at $28500 is expected to induce positive sentiments in the market.
BTC/USD YTD price chart
Bitcoin is currently trading at around $27800 on April 3, 2023, with BTC/USD down by over 2% in the previous 24 hours. With most cryptos witnessing downward movements on April 3, the crypto market emotions could steer either way throughout the week. BTC/USD is trading higher than its 20-day EMA (25,790.59). Bitcoin’s 24-hour volume stayed at around $13 billion.