The weekend saw neutral crypto projections with the market trading at static levels, as most tokens fought back bears and held on to their support levels.
The global economy has been reeling under stress as trade, inflation, and other factors are affected by geopolitical tensions. Global heads of central banks have discussed the same at length. As rate hikes in multiple countries loom near, markets worldwide are acting cautiously. At such a time, crypto projections are relatively positive, with a stable crypto market.
Over the current weekend, most crypto tokens were balanced, facing little to no losses. Bitcoin led the momentum, trading at stagnant levels but not succumbing to bears. Similarly, Ethereum was also trading above $ 1,500, with a market cap of over $185 billion.
Bulls have successfully defended BTC in the last two days, with bearish action unable to pull down the token further. A show of strength will emerge if Bitcoin crosses its 20-day moving average in the upcoming week.
The lower volatility and liquidity in the crypto market have resulted in range-bound movements. The long-term strategy for crypto in 2023 may rest on two factors. Firstly, US regulators’ approval for Bitcoin ETFs may play an important role in unlocking liquidity. Secondly, the monetary policy adopted by major central banks could also influence crypto for the rest of 2023.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26800 on October 15, 2023, with BTC/USD trading at similar levels in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (27,032.46), as BTC’s 24-hour volume was at around $4 billion.
Bitcoin has seen around 62.72% returns on a year-to-date basis. 7-day returns for BTC stands at -3.9%, while its 100-day EMA was at around $27,953.54. Bitcoin’s overall market capitalization is trading around $521 billion, and the crypto market cap is above $ 1 trillion.