The sudden uptrend seen by BTC saw its gains dipping as tense global markets primed for the Fed Chair’s speech, also spilling over to the crypto momentum.
As the crypto market saw dips in the last 24 hours, traders braced for the upcoming Fed Speech. After sharp recoveries in the last financial year, the global economy has gone through a plateau recently. Although inflation has seen considerable declines, the high-interest rates have proved to be hurdles. As a result, the crypto momentum could have hit a pause after Bitcoin’s latest rise.
Crypto tokens have proved their resilience in this period, though. Most of them maintained their value with active support from investors. Analysts predict a crypto market rally in 2023, but further uptrends could depend only on macro indicators.
The crypto market rally at the beginning of the year has already sustained throughout the last eight months. BTC has consistently seen its support above $25000 for months.
Its moving averages also indicate better movements for the short term. The last decline in August occurred due to liquidations of long positions. But the same could be reversed if investor sentiments improve across the market, claim analyst reports.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26000 on August 25, 2023, with BTC/USD trading lower by 1.4% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (28,255.84) as BTC’s 24-hour volume decreased to around $12 billion. Bitcoin has seen around 57.36% returns on a year-to-date basis.