The recent downturn in the crypto market hasn’t turned sentiments negative, but the latest crypto price data aims for a quick recovery in BTC.
The crypto market slowed down in the last two days, catalyzed by macroeconomic uncertainties. Bulls are successfully helping Bitcoin float just below $27,000 as they await the US inflation data. If BTC can cross its 20-day moving average within this month, it may reach a higher trading range. The crypto price data is moving over neutral sentiments currently.
Most predictions in the market point towards a bullish path for crypto. For the short term, traders have flagged $26,800 as the key support for BTC. The wholesale inflation data in the US for September has gone up, weighing in on the list of macroeconomic uncertainties. The figure was more than expected, so the markets might also be going through short panic sell-offs.
Both bearish and bullish traders are active in crypto, hoping to claim major points. For Bitcoin, the psychological resistance has formed at $27,000. BTC would have to defend its current support to garner momentum for a broad recovery. The signs look positive, as it is helmed by long-term investors.
On the other hand, ETH is trading above $1500, with a market capitalization of $187 billion. Other tokens in the crypto market also saw downtrends. If investors see a key buying moment in the crypto market with the downtrend, the tokens could bounce back soon enough.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26800 on October 12, 2023, with BTC/USD trading lower by 0.8% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (27,007.83), as BTC’s 24-hour volume was at around $12 billion.
Bitcoin has seen around 61.62% returns on a year-to-date basis. 7-day returns for BTC stands at -2.9%, while its 100-day EMA was at around $27,951.93. Bitcoin’s overall market capitalization is trading around $523 billion, and the crypto market cap is above $1 trillion.