Bitcoin’s price has been a point of contention for both bulls and bears in the last 24 hours, while crypto traders and investors saw higher volatility in the market.
Bitcoin traders have been locked in a battle for BTC’s price for the last 24 hours. Both bulls and bears are heavily active in the market, and crypto traders and investors have thus witnessed frequent price swings. Bitcoin had earlier bounced back sharply over the weekend, with a steep price jump. However, at this juncture, Bitcoin traders will likely see further jumps if bulls defend the $53,000 support.
The ‘buy the dip’ trend has continued into this week as well, but bears have been equally active. Hence, the next few days could be crucial for the crypto market. Meanwhile, the overall market cap has climbed back above $2 trillion with BTC’s recent recovery.
Two factors are pointing at a possible broad based crypto recovery in the next few months. First, the recent reimbursement of BTC from a defunct exchange to its clients had raised alarming concerns for a crash. That has not happened, and BTC may have bottomed out at $53,550.
Second, economic analysts are predicting a rate cut by the Federal Reserve in September this year. The run-up to the event may create an optimistic scenario with positive sentiments in the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $56,400 on July 8, 2024, with BTC/USD trading higher by a margin of 1.78% in the last 24 hours. Bitcoin’s market cap was trading at around $1.11 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (62,595.35), as BTC’s 24-hour volume was at around $26.87 billion. The global crypto market cap decreased by around 2.15%, trading above $2.06 trillion. BTC’s year-to-date returns are at 33.17%.
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