As crypto reversed its trajectory, Bitcoin’s upward move in the last 24 hours from constant sell-offs in the current weeks led to improved sentiments.
Traders in the crypto market were in for a good surprise in the past hours as crypto reversed its declining signals which had led to panic sell-offs. The situation is still uncertain, with several experts cautioning about subdued activity in the market over the weekend. Volumes usually remain low in the crypto market during weekends, but the upcoming one could be tricky.
The main factor holding back the crypto market is the macroeconomic climate in the world currently. Bulls were reluctant to support crypto with an unpredictable outcome of the US debt ceiling talks. The silver lining in the economy was presented with strong numbers emerging from the weekly US employment numbers. The trend has provided a much-needed boost to crypto.
Even though crypto reversed its negative sentiments, for the time being, Bitcoin’s support at $26000 was the main talking point amongst crypto stakeholders. The level was important for the crypto to serve as a reference point for the entire crypto market.
Nothing could be said yet, but as the debt ceiling talks neared completion, markets were of the hope of a favorable result. It could provide a positive trigger to both the crypto and equity markets which suffered significant losses in the present week.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26400 on May 26, 2023, with BTC/USD up by around 1.1% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (27,429.12) as BTC’s 24-hour volume stayed as usual above $13.5 billion. Bitcoin has seen around 59.69% returns on a year-to-date basis.