Bitcoin maintained its path towards consolidation above $30000 with optimistic crypto market trends supporting it.
Crypto market trends continued to remain bullish as its market capitalization increased by over 4% in the previous day. ETH surged past $2100 while BTC traded above $30500. Ethereum’s 10% rally in the last 24 supported the crypto market’s rise despite apprehensions floating around in the space. Bitcoin is on track to hit $31000 as it further tries to consolidate and continues its aggressive run throughout 2023.
Experts have indicated that investor confidence in the crypto market has increased in the last few weeks as Bitcoin broke its flat trajectory to rise for consecutive days. Amongst other altcoins, Dogecoin rose by almost 9%, while BNB, XRP, Solana, Litecoin, and Cardano also traded in the green. The crypto market capitalization was comfortably trading over $ 1.3 trillion, while Bitcoin’s market cap inched closer to $600 billion. BTC’s share was over 46% of the overall crypto market.
Current resistance for Bitcoin lies at $30900 while support is at the $30400 mark. The crypto market trend’s positive turn could have been due to a slight improvement in the macroeconomic space as inflation decreased by a slight margin, and interest rate hikes could possibly slow down in the near future.
BTC/USD YTD price chart
Bitcoin is currently trading at around $30800 on April 14, 2023, with BTC/USD up by almost 2% in the previous 24 hours. As the crypto market trends improved, most cryptos are presently trading on an upward track. BTC/USD is trading higher than its 20-day EMA (28,254.58). Bitcoin’s 24-hour volume is over $18 billion.