Bitcoin has been stuck between $27700 and $28200 for the last two days, leading to crypto market volatility declining by a marginal rate.
Bitcoin continued to trade below $28000 as traders witnessed the crypto market volatility fall by a small margin. March 2023 witnessed Bitcoin rally to new highs and touched $28000 several times in spite of difficulties in the global economy. After the recent interest rate hikes by the Fed had sent the market towards a downward trend for a day, it recovered back to its previous levels.
At present, other cryptos are trading with mixed results in the crypto market. Ethereum was below $1750, while Cardano and Litecoin were also in red. On the other hand, cryptos like Tron and BNB were trading with minimal gains. Experts were positive about Bitcoin remaining consolidated at over $27000 for the time being, but the $28000 resistance remains to be cleared.
Analysts have predicted another rally once Bitcoin crosses $28150 by a large margin, but the flat trend in the market over the last two days could also persist without the active participation of a large number of traders and investors. The crypto market’s overall capitalization remained just over $1.2 trillion, increasing by 1.2 % in the last 24 hours.
BTC/USD YTD price chart
Bitcoin is currently trading at around $27900 on March 27, 2023, with BTC/USD up by 0.5% in the previous 24 hours. Most other cryptos witnessed mixed to flat sentiments on the last day. BTC/USD is trading higher than its 20-day EMA (24,570.98). Bitcoin’s 24-hour remained almost the same, hovering above $14 billion.