The market saw relatively lower crypto trading volumes, but that didn’t stop BTC from retracing back to $43,000 with renewed support after an earlier slowdown.
The crypto market recovered in the last 24 hours, aided by Bitcoin going higher. Bitcoin’s trading range extended to $43,000, bringing back positive sentiments. While the earlier dip could be due to the Fed’s policy meeting, the days ahead could only be influenced by market sentiments. Meanwhile, BTC would have to hold its $42,000 support over the weekend for a good start to next week. Crypto trading volumes have also been low in the last few days.
A crypto analyst of a leading firm recently observed a pattern in Bitcoin’s movements. He said, “Digging deeper, the price analysis in $5,000 increments reveals a pattern. Bitcoin has been trading within the price range of $40,000 to $44,999 for 146 days. This duration has recently overtaken its previous stint in the $35,000 to $39,999 range, which spanned approximately 138 days.”
He claimed the sideways price action in Bitcoin’s trading range is according to historical patterns. Moreover, traders may have started expecting sideways action till the Bitcoin halving event. Until then, the lower crypto volumes may persist, but tokens could rise further if macroeconomic factors provide a boost. Before the event, experts predicted a BTC rally to at least $48,000.
BTC/USD 1D price chart
Bitcoin is currently trading at around $43,000 on February 2, 2024, with BTC/USD trading higher by a margin of 2.1% in the last 24 hours. Bitcoin’s market cap was trading at around $843 billion.
BTC/USD is trading higher than its 20-day EMA (42,800.85), as BTC’s 24-hour volume was at around $19 billion. The crypto market cap increased by around 2.19%, trading above $1.65 trillion. BTC’s year-to-date returns are at 2.48%.
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