Bitcoin’s volatility was evident as investors saw crypto prices fall in the last 24 hours.
The crypto market witnessed bearish signals erupt across tokens as Bitcoin’s intra-day volatility gained momentum. Traders saw crypto prices falling the previous day at an increasing pace. Bitcoin was seen going below $28000 a few times, though it was met with strong support at that level.
ETH also dipped to around $1800 as its increasing value saw losses in the last 24 hours. The increasing signs of red across the crypto market could be signals of investors and traders adopting a wait-and-watch approach ahead of the FOMC meeting this week. Should the outcome be positive for crypto, the markets could bounce back from the current levels.
Experts were not worried regarding the current trend as it was typical after registering continuous growth in the first four months of the year. With solid support at $27000, Bitcoin could stage a recovery towards $30000 in the upcoming days. Its seven-day average returns were modest at present, just above 3%.
Amongst other tokens, Cardano, Solana, Dogecoin and many others were trading without any current optimistic signs. Their losses were not significant either, with most trading either flat or with minimal losses.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27900 on May 2, 2023, with BTC/USD down by almost 2.1% in the previous 24 hours. With crypto prices falling continuously for two days, traders could find an opportunity at the current levels to assume a bullish trend for the coming days. BTC/USD is trading below its 20-day EMA (28,859.77) as its 24-hour volume went static at around $19 billion.