Bitcoin’s support has been robust over the last 24 hours, above $60,000, leading to firm prices in other crypto market tokens as well.
Bitcoin, as usual, has bounced back from this week’s earlier dip to trade above $60,000 on consecutive days. As a result, crypto market tokens have also traded at higher levels over the last 24 hours. Meanwhile, Bitcoin’s support would likely need to stay firm for the optimism to spill over to the upcoming week.
Prices in crypto can fluctuate within short periods, often leading to significant gains or losses. Bitcoin, being the market leader, has borne the brunt of this volatility. However, it has consistently shown an ability to recover from downturns, demonstrating its underlying strength and potential. Over the last few weeks, it has fallen below its current level several times, only to recover.
The core support from institutional and long-term investors may have played a part in this. With the spot Bitcoin ETFs, new investors have entered the market. Moreover, the expansion of the ETFs to Ethereum also bodes well for the market’s prospects.
However, this weekend could be crucial for the next week’s crypto trajectory. In case Bitcoin’s support stays above $60,000, a further spike could emerge next week. But if BTC dips, movements could become uncertain in the crypto market.
Since August 22, ETH has also gone up by almost 2%, above $2,600.
BTC/USD 1D price chart
Bitcoin is currently trading at around $61,100 on August 23, 2024, with BTC/USD trading higher by a margin of around 0.5% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 60,300), as BTC’s 24-hour volume was at approximately $26 billion. The global crypto market cap increased by around 1%, trading above $2.1 trillion. BTC’s year-to-date returns are above 46%.
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