While token prices continued to stay on a static trajectory, the overall market returns in crypto in the last two days moved on a balanced path and did not witness a major dip.
The movements of most token prices over the weekend were marginal. As a result, market returns in crypto were also subdued, although a decline did not take place. Traders and investors expect the low-volatility phase to continue until Bitcoin faces a price breakout. In Bitcoin’s case, its range floated between $62,000 and $64,000.
Moreover, the unfavorable economic forecasts in the US and the spot ETF outflows haven’t affected BTC majorly. Once these indicators improve, one can expect a rally in BTC prices. Global central banks are weighing in on the rise in inflation, which could delay interest rate cuts.
In the week ahead, Bitcoin and other altcoins could also face a price retest in their support levels. Bitcoin has to move above its averages next week to enter a higher trading range. Even in Ether’s case, the trading range may continue to be narrow.
Meanwhile, crypto analysts have pointed out the bullish technical indicators for BTC. Denis Baca from crypto firm Zivoe said, “We’re seeing a bull flag on Bitcoin’s daily chart, which historically suggests more upside. It’s shaping up nicely after a solid rally, with declining volume indicating a pause before potentially shooting towards $100,000.”
BTC/USD 1D price chart
Bitcoin is currently trading at around $63,617 on April 28, 2024, with BTC/USD trading higher by a margin of 1.2% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.23 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (66,285.08), as BTC’s 24-hour volume was at around $17 billion. The global crypto market cap increased by around 0.58%, trading above $2.32 trillion. BTC’s year-to-date returns are at 52.37%
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