The crypto market witnessed a growth pattern forming again, with the FOMC meeting finally scheduled to announce the degree of rate hikes.
The crypto market has held on to its support in the last 24 hours, indicating all signs of a growth pattern. The global economy expects an interest rate hike from the Fed’s meeting. The crypto could bounce back soon as the FOMC meeting’s decision puts the matter to rest. The anticipation leading up to the meeting had earlier led to sell-offs in crypto.
Bitcoin has surged slightly since the last day but remains below its resistance at $29500. The current week has seen Bitcoin dipping to a monthly low, but its recovery has reassured the crypto market. Other crypto tokens have also displayed resilience in the last 24 hours.
Solana, XRP, Dogecoin, and BNB were trading with greater momentum. ETH is presently stagnant at $1850, but its stability has been a positive signal. Bitcoin’s market cap also increased to $567 billion with the latest price increase.
BTC has found support at $29000 amidst selling pressure. Bitcoin could stay at this level a little longer if traders go by its historical price action. It could then go through an upward trend.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29180 on July 26, 2023, with BTC/USD going up by 0.3% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (30,210.76.) as BTC’s 24-hour volume decreased to around $10 billion. Bitcoin has seen around 76.12% returns on a year-to-date basis