With Bitcoin going beyond $30000, crypto price charts received a major push toward an upward trend with calls for further hikes within the current month.
Bitcoin rose steadily over the weekend as it crossed $30,000 after a few months. The movement has sparked a sea of positivity for the crypto market. Crypto price charts are at a monthly high as investors move in to hold positions for the long run. Concerns from the Federal Reserve were also quick to dissolve as the market saw a fast-paced rise.
Volatility has also been relatively higher in the last few days. A section of traders adopted a cautious stance, looking forward to BTC hitting $30500 and $31000. Unlike the previous time, Bitcoin would have to consolidate above $30000 for a long rally, most experts said. The market was flush with hopeful sentiments, as likely crypto ETFs could chip in with higher liquidity.
Significant quantities of BTC are held up in long-term timeframes, indicating better investor confidence. ETH also jumped above its $1600 resistance, along with a market cap of $196 billion. Bulls are increasingly active for Ether above the $1500 mark.
The upcoming week could see some profit-booking, but BTC’s consolidation above $29000 could be a breather. The Fed Chair has been neutral on the matter of rate hikes. However, he noted that excessive hikes could dampen the economy. The remark may have bode well with the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $30,000 on October 22, 2023, with BTC/USD trading higher by 0.7% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (27,501.29), as BTC’s 24-hour volume was at around $12 billion.
Bitcoin has seen around 78.67% returns on a year-to-date basis. 7-day returns for BTC stands at 11.6%, while its 100-day EMA was at around $28,022.85. Bitcoin’s overall market capitalization is trading at around $584 billion. The crypto market surged by over 1.6% to over $1.18 trillion.