Bitcoin witnessed a resounding comeback from its initial drop as the market turned green, while crypto volumes saw a sudden rise.
Bulls rushed in to support Bitcoin as it saw a strong surge from its declining levels in the last 24 hours. Traders saw the initial signs of an incoming bull run as blocks of green captured the crypto market. Analysts expect the current upward trend to continue for some time, but challenges have emerged recently in the United States on the regulatory front, which could be a roadblock in the short term.
Crypto volumes increased, which indicated rising trading activities in the crypto market. Bitcoin’s steep rise occurred exactly a day after its sudden decline. BTC crossed $27000 for some time before settling below the mark. On the other hand, Polygon, Solana and Cardano still haven’t seen a rise, staying at the same lower levels for over 24 hours.
ETH also witnessed an over 3% rise, pulling up its market capitalization to over $225 billion. Trading volumes also increased to over $10 billion. Overall, the crypto market capitalization increased by 2.9% to around $1.17 trillion. As crypto volumes rose, positive market sentiments swept the market as several experts claimed the bull run could continue for the long run.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26800 on June 7, 2023, with BTC/USD up by around 4% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (26,924.65) as BTC’s 24-hour volume shot up to over $23 billion. Bitcoin has seen around 61.77% returns on a year-to-date basis.