After a day of heavy dips in the crypto market, traders witnessed a slow market taking shape, with Bitcoin recovering slightly.
Crypto traders heaved a sigh of relief hours after panic sell-offs as a slow market prevented further dips in crypto. The market had seen a sudden dip after the Fed’s meeting yielded mixed results. The possibility of further rate hikes in the year had sent bearish signals across the crypto market.
Many analysts have adopted a bullish approach at the same time, indicating how the incoming volatility in the slow market could work in crypto’s favor. Moreover, Bitcoin‘s rise in the last 24 hours above $25000 has also helped sentiments recover in the market.
In the current year, Bitcoin hit a high of $31000 after a tremendous recovery from its losses in 2022 but has lost 20% after that. Experts believe better runs are scheduled for the next part of the year as the global economy stabilizes and growth resumes across geographies.
With the slow market, mixed trends were observed in several crypto tokens. Bitcoin, Litecoin, and Ethereum saw gains, while Polygon witnessed losses. Broadly, the crypto market showed vital signs of bouncing back from its lower levels.
BTC/USD 1D price chart
Bitcoin is currently trading at around $25500 on June 16, 2023, with BTC/USD up by around 2.6% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (26,508.77) as BTC’s 24-hour volume stayed over $14 billion. Bitcoin has seen around 54.30% returns on a year-to-date basis.