After trading in a stagnant range, traders observed a rise in crypto token price gains in the market, led by BTC’s recovery towards $69,000 in the last 24 hours.
Bitcoin’s trading range has been static for the last week, leading to price stagnancy. But on April 5, Bitcoin rose suddenly, hitting $69,000 with renewed strength. This led to an overall jump in crypto token price gains in the market. Multiple altcoins saw a price breakout above their respective resistance levels. Although the price rally couldn’t continue, another price spike could emerge in the crypto market.
Meanwhile, analyst Markus Thielen from 10x Research stated Bitcoin’s highest gains were outside US trading hours. It wasn’t the case a couple of years back, he added. He made the observation on April 4, when BTC rose by around 2.6% outside the US trading hours.
He released an analysis report on BTC and said, “We also noticed through our data analysis that Bitcoin tends to rise during the 1-4 hours before U.S. ETFs start trading on that day, a sign that there is likely front running of the ETF flow occurring.”
Nevertheless, BTC’s support at $65,000 could stay in focus until next week. It could indicate sustainable support from bulls and long-term investors if it holds the support. The current trends likely signal that BTC is holding its trading range for the short term.
BTC/USD 1D price chart
Bitcoin is currently trading at around $67,000 on April 5, 2024, with BTC/USD trading higher by a margin of 1.8% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.32 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (68,411.27), as BTC’s 24-hour volume was at around $36 billion. The global crypto market cap increased by around 0.51%, trading above $2.51 trillion. BTC’s year-to-date returns are at 59.61%
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