The crypto price rally has hit a roadblock in the current week, but the global crypto market cap is trading slightly below the $2 trillion mark, sending positive trading indicators.
Bitcoin has traded in a tight range between $50,500 and $52,000 in the last 24 hours, halting the crypto price rally. Meanwhile, the global crypto market cap is trading near $2 trillion, helping hold bullish signals in the market. The static movements of the crypto market could continue in the next few days while BTC could hold its $50,000 support.
Retail investors could have helmed the latest crypto price rally, where BTC rose by almost 30%. Moreover, other crypto tokens also went through high returns. BNB, ETH, MATIC, and TRX are sitting on positive weekly returns. At the same time, Ethereum’s market cap has breached $350 billion.
Institutional investors have also been active in the crypto market. In a recent regulatory filing, Reddit confirmed investing in BTC and ETH. The same report also underlined the potential of crypto and blockchain.
Bitcoin’s price range may also retrace before the BTC halving event if it goes below $50,000 soon. On the other hand, if it manages to cross $53,000, an immediate upward trend till $60,000 is possible. Its volatility has also been relatively lower and may continue the same way over the weekend.
BTC/USD 1D price chart
Bitcoin is currently trading at around $51,200 on February 23, 2024, with BTC/USD trading lower by a margin of 1.5% in the last 24 hours. Bitcoin’s market cap was trading at around $1.01 trillion.
BTC/USD is trading higher than its 20-day EMA (47,541.52), as BTC’s 24-hour volume was at around $24 billion. The global crypto market cap increased by around 0.37%, trading above $1.96 trillion. BTC’s year-to-date returns are at 21.61%.
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