Although the market witnessed a crypto price correction, Bitcoin’s volatility and price range were relatively stable as it traded over $51,000 comfortably.
A minor crypto price correction took place in the last 24 hours, during which Bitcoin dipped below $51,000. It recovered soon after and is firmly holding the level as its support. Meanwhile, Bitcoin’s volatility hasn’t seen much strength recently and has been broadly range-bound. Moreover, other altcoins rallied to recover their losses as well, which balanced the global crypto market cap.
Bitcoin could likely not see a profit-booking spree, as bulls could not pull it below $50,000. On the other hand, crypto bulls were actively attempting not to let BTC dip below its support. Among other crypto tokens, Ethereum has seen its psychological resistance forming at $3,000. It crossed the mark momentarily, but its support at the mark is comparatively weak.
BNB, Solana, ADAX, and DOGE also went up recently, registering gains. At the same time, institutional investors haven’t reduced their interest in BTC. Michael Saylor of MicroStrategy recently claimed BTC was much better than other asset classes like gold and real estate.
He stated, “We believe capital is going to keep flowing from those asset classes into Bitcoin,” and further added, “Bitcoin is technically superior to those asset classes.” The spot Bitcoin ETFs have seen record inflows, peaking investors’ confidence in crypto.
BTC/USD 1D price chart
Bitcoin is currently trading at around $51,700 on February 22, 2024, with BTC/USD trading higher by a margin of 0.6% in the last 24 hours. Bitcoin’s market cap was trading at around $1.017 trillion.
BTC/USD is trading higher than its 20-day EMA (47,101.78), as BTC’s 24-hour volume was at around $29 billion. The global crypto market cap increased by around 1.45%, trading above $1.98 trillion. BTC’s year-to-date returns are at 23.30%.
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