Bitcoin traded above $29000 in a narrow trading range with lower volumes than before, leading to a static crypto market value in the last 24 hours.
The crypto market began the week on a flat note, with low volumes. In the earlier week, volatility was comparatively higher. It decreased as the weekend progressed and was the lowest on August 6. In the last 24 hours, trading volumes for Bitcoin have comparatively increased, even though the crypto market value hasn’t changed much.
Bitcoin and ETH were trading tight in their respective trading ranges. Bitcoin was successfully above $29000, while ETH was racing against the $1850 mark. Both witnessed minor declines, though their market caps were stable.
Amongst all crypto tokens, Shiba Inu had one of the highest returns last week, with more than 10%. The global crypto market’s capitalization was trading at $1.16 trillion. Bitcoin dominated it by 48.64%, with an overall value of $564 billion. Its next resistance has formed at $29500, though its psychological resistance has been at $30000 for a long time.
In the last few months, traders have booked profits quickly as BTC momentarily crossed its resistance levels. But, experts believe long-term investors would have to extend further support for a broader rally in the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29000 on August 7, 2023, with BTC/USD going down by 0.3% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (29,671.16) as BTC’s 24-hour volume increased to around $8 billion. Bitcoin has seen around 75.32% returns on a year-to-date basis.