The crypto market trading range was still in the last 24 hours, as other tokens led by Bitcoin remained stationary with tighter liquidity.
The crypto market was calm without much volatility, a day after it suddenly rose with the Fed’s decision. The interest rate hike triggered a mini-rally in BTC but hasn’t progressed since then. As a result, the crypto market trading range moved on a tighter path.
Bulls maintained its support firmly, as they eyed $30000 for BTC as its next target. Even though analysts believe the weekend won’t change much for the crypto market, long-term investors believe otherwise.
A few major developments in the United States on the regulatory front have boosted the morale of its crypto industry. A House Committee passed two major crypto bills, indicating the government’s positive intent. The bills could be a bullish trigger for the crypto market if they are approved as law eventually.
Experts believe the crypto market could see BTC trading between $29000 and $29500 till then. Along with Bitcoin, ETH has also been stagnant in the last 24 hours. Others like Solana, BNB, and XRP saw cuts. BTC’s market cap has broadly remained at $571 billion for some time.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29100 on July 28, 2023, with BTC/USD going down by 1.1% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (30,115.97) as BTC’s 24-hour volume decreased to around $11 billion. Bitcoin has seen around 76.60% returns on a year-to-date basis.