Traders saw Bitcoin trading strongly within its trading range, as the overall crypto support stood tight amidst calls for further drops in the market.
The crypto market showed no significant movement in the last 24 hours. On the brighter side, the crypto support levels were constant for almost all crypto tokens. Despite calls for further sell-offs and bearish patterns, Bitcoin has maintained its support.
Analysts portrayed contradicting predictions for the market. A few said a drop could lead to $25000 as the new support for BTC. Others claimed a ‘V-Shaped’ recovery was incoming, and Bitcoin could soon see a new resistance above $26500.
The slow movements could persist for a while, according to experts. Volumes for crypto tokens have been low in the market. On the other hand, a liquidity boost could be the only solution for a short-term gain for the crypto market. If the SEC approves the crypto spot ETFs in the US, it could help.
In the last trading sessions, tokens saw a mixed trend. BTC and Ethereum remained broadly in the same position. BNB, Dogecoin, Shiba Inu, Polygon, and XRP saw gains. On the other hand, Cardano, Polkadot, and Solana underwent downward trends.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26050 on August 23, 2023, with BTC/USD trading lower by 0.1% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (28,550.56) as BTC’s 24-hour volume increased to around $15 billion. Bitcoin has seen around 57.28% returns on a year-to-date basis.