BTC fought through bears to hike above $30,500, as most tokens took the cue and rallied, helping crypto predictions stay upbeat in the market.
Crypto market volatility in the last 24 hours surged as Bitcoin crossed the $30,500 psychological resistance. Most tokens benefitted from BTC’s lead as ETH, Solana, Dogecoin, and others marked their gains. ETH went closer to $1700, as its market cap edged nearer to $195 billion. As a result, crypto predictions stayed highly bullish.
Bitcoin’s trading levels were at a three-month high as bearish resistance failed to stop its rally. It could aim to break its highest trading level of 2023, which is around$31,800. If BTC successfully does so, the overall crypto market may see a big jump. Bitcoin has entered the key resistance area, and the days ahead could decide its next set of movements.
The wave of legal developments in the US concerning the crypto space has dominated talks in the recent past. While regulators have shown signs of cooling, traders are still cautious. The focus is also constant on the crypto ETFs, which await regulators’ approval. Experts are optimistic about the ETFs, while long-term investors align with the same views.
The crypto market may have room for further rallying until the next FOMC meeting in the US. Historical data suggests bulls may hold until the FOMC meeting results, but the current optimistic wave could persist.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30,700 on October 23, 2023, with BTC/USD trading higher by 2.7% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (27,718), as BTC’s 24-hour volume was at around $16 billion.
Bitcoin has seen around 84.96% returns on a year-to-date basis. 7-day returns for BTC stand at 13.2%, while its 100-day EMA was at around $28,073.07. Bitcoin’s overall market capitalization is trading at around $600 billion. The crypto market surged by over 1.7% to over $1.21 trillion.