Even though the higher crypto outflows in the last 24 hours created weaker sentiments, BTC did not witness a sharp dip in its trading range and just shed a little loss.
The Grayscale Bitcoin Trust saw billions of crypto outflows in the last few days. As a result, crypto price sentiments saw a minimal decline, with Bitcoin trading with weaker strength. On the other hand, BTC’s did not take a sharp loss like many analysts had predicted. Its dip was relatively smaller, which could mean long-term investors still haven’t participated in the sell-offs.
If crypto price sentiments improve marginally, bulls could rush to reclaim BTC’s $40,000 support. If it occurs, BTC could gradually climb and recover till its 20-day moving average. Once it surpasses the mark, a fresh rally to $50,000 is possible.
On the other hand, macroeconomic concerns also loom on the crypto market, as the Fed’s monetary policy is a key trigger. Meanwhile, other tokens also recently saw small price dips or stagnant movements. ETH is still trading above its $2,000 support, with a market cap of $267 billion. Moreover, Solana, Polygon, Polkadot, Cardano, and other tokens have also recently been in red.
The crypto fear and greed index is still in the ‘neutral’ phase but may see a drop in the next few days.
BTC/USD 1D price chart
Bitcoin is currently trading at around $39,800 on January 24, 2024, with BTC/USD trading lower by a margin of 0.3% in the last 24 hours. Bitcoin’s market cap was trading at around $781 billion.
BTC/USD is trading lower than its 20-day EMA (43,158.31), as BTC’s 24-hour volume was at around $30 billion. The crypto market cap decreased by around 1,72%, trading above $1.55 trillion. BTC’s year-to-date returns are at -5.25%.
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