Even though traders saw the crypto price volatility remain range bound over the weekend, the price support for the market was firm, with BTC at over $26500.
The crypto market traded in a tight range over the last two days, with Bitcoin well over $26500. The balanced crypto price volatility could indicate a better trajectory for BTC next week. Though the Fed’s cautionary outlook may have made traders uncertain, a good buying opportunity has emerged in BTC.
A new buying wave could take over if bulls uplift the crypto market with BTC toward $27000. Bitcoin is also sitting on gains of 2.6% in September, which is a positive sign for a rally in the short term.
Bitcoin is also trading above its 20-day moving average, leaving room for more investors to buy the token. If long-term investors take the cue and boost BTC, the overall crypto market may surge.
A few analysts have also predicted a slow climb for Bitcoin towards $28000, after which bullish sentiments could be unlocked. If BTC breaks the mark, it may see a comfortable uptrend till $30000.
The global economy has also seen sparks of relief after oil prices saw a slight cooling. If the downward trend continues, central banks could start pausing hikes soon with decreasing inflation. It could also help the crypto market with increasing liquidity.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26500 on September 24, 2023, with BTC/USD trading lower by 0.1% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,320.89), as BTC’s 24-hour volume was at around $6 billion. Bitcoin has seen around 60.12% returns on a year-to-date basis.