Traders observed the current market volatility in crypto relatively decreasing, as Bitcoin remained range bound, although it stayed buoyant with support.
The crypto market saw most tokens trading in a fixed range in the last 24 hours. Overall sentiments in the market were positive, with Bitcoin leading it. BTC was also trading above the $35,000 level but eventually slid just below it. Bears have been broadly dormant for the last few days, but selling pressures are active for BTC at the $35,000 mark. On the other hand, ETH is gradually climbing towards $1900.The overall market volatility in the crypto market has comparatively declined slightly.
The crypto price action turned green the previous day, as several tokens posted positive returns. The crypto market cap also surged to over $1.33 trillion, rising by 1.45%. XRP, Dogecoin, Cardano, and Solana saw gains ranging from 2-6%. Weekly gains for most tokens were net positive.
The regulatory front has also witnessed positive developments recently. With the Hong Kong government recently considering spot Bitcoin ETFs, long-term investors could start accumulating BTC soon. Hong Kong’s decision could go a long way in also creating an example for other countries to approve crypto ETFs.
If BTC gathers the required support at $35,000 soon, it could step towards a higher trading level. Until then, the $35,000 mark would be closely watched by both crypto bulls and bears.
BTC/USD 1D price chart
Bitcoin is currently trading at around $34,890 on November 7, 2023, with BTC/USD trading higher by a margin of 0.2% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (31,777.55), as BTC’s 24-hour volume was at around $13 billion.
The macro outlook of the crypto market is firm, with a pause in interest rates in the US and upcoming crypto ETFs! So what are you waiting for? Join Millionero and start crypto trading with a seamless experience!