There weren’t any major crypto price changes in the last 24 hours, although Bitcoin’s volatility dipped while its price traded just over $69,000.
The month of the Bitcoin halving event is finally here, and traders are starting to anticipate a price boost after the event. Meanwhile, crypto price changes didn’t occur as much in the last 24 hours, with the market continuing its neutral momentum. On the other hand, Bitcoin’s volatility has dipped relatively since March, but its support is rigid at $69,000.
For instance, on April 1, Bitcoin suddenly fell below $70,000. Its price support stopped the decline at around $69,300 and staged a gradual recovery. In the days ahead, macroeconomic indicators coupled with the halving event could impact it.
The US Federal Reserve Chair was confident about a stable US economy in 2024. With the world’s largest economy on a recovery path, one could also expect a positive effect on the crypto market. A significant crypto price uptrend may happen if an interest rate cut occurs in mid-2024.
Moreover, data from crypto exchanges have revealed a recent drop in BTC balances. The outflows from the exchanges have likely moved to spot Bitcoin ETFs, whose inflows have surged. This could indicate institutional investors directing this trend. At the same time, profit-booking in the market is not visible, which is helpful.
BTC/USD 1D price chart
Bitcoin is currently trading at around $69,600 on April 1, 2024, with BTC/USD trading lower by a margin of 0.6% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.37 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (68,374.70), as BTC’s 24-hour volume was at around $23 billion. The global crypto market cap decreased by around 0.9%, trading above $2.64 trillion. BTC’s year-to-date returns are at 66.01%.
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