After a calm weekend, traders saw the crypto range begin the new week on a green uptrend, as several tokens gained value, with BTC in the lead.
The crypto market was guided by bullish signs at the beginning of the week, with Bitcoin gaining in the last 24 hours. The weekend ended on a neutral note for BTC and other tokens, as much movement did not occur. An early rally with the crypto range moving forward could be a good sign for the market.
At the same time, ETH, Polkadot, Dogecoin, and a few other tokens could not progress from their earlier levels. Even then, the global crypto market’s capitalization was trading higher. It traded above $1.19 trillion with BTC’s mini-surge.
The market has brushed aside any downturns from the previous week. The Fed’s rate hikes could not deter BTC’s support. BTC has firmed up within the last seven days. Its market cap is well-balanced at $571 billion.
The trading volumes of the crypto market have been low in the last few days. Analysts expect the level to rise in the upcoming month. Bulls could target $30000 as the immediate next resistance for BTC. The crypto market could see BTC firming above the level if the resistance is surpassed soon.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29390 on July 31, 2023, with BTC/USD going up by 0.2% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (30,033.22) as BTC’s 24-hour volume increased to around $10 billion. Bitcoin has seen around 77.43% returns on a year-to-date basis.