With a price recovery in crypto firming up since August 12, Bitcoin has hit $59,000 and, in all likelihood, could attempt a breakout around the $60,000 level.
Bitcoin has moved a notch higher in prices in the last 24 hours, hinting at a recovery. The overall crypto patterns in the market have seen improvements, with bulls gradually taking charge. However, the psychological bullish impact might only happen once Bitcoin successfully breaches $60,000. Until then, uncertainty could persist in the ongoing price recovery in crypto.
Meanwhile, a leading crypto data analytics firm has published a report on the market liquidity in the weekdays. The latter factor has been a major catalyst in decoding crypto patterns.
It said, “Although weekend volatility has generally declined since 2021, increased weekday trading concentration heightens the risk of sharp weekend price swings during market stress.”
Sharing the example from last week highlighted how Bitcoin’s price volatility displayed a similar picture.
In other words, the firm explained how sell-offs starting on a weekend could worsen uncertainty during the weekend. These factors have played a major role in impacting the overall market’s weekly trajectories in recent months. Moreover, both retail and institutional traders have been active in the crypto market, leading to higher volumes.
In the crypto market, tokens like ETH and DOGE, along with BTC, reported gains in the early hours of August 13.
BTC/USD 1D price chart
Bitcoin is currently trading at around $59,000 on August 13, 2024, with BTC/USD trading higher by a margin of around 1% in the last 24 hours. Bitcoin’s market cap was trading at around $1.1 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (around 62,000), as BTC’s 24-hour volume was at approximately $34 billion. The global crypto market cap increased by around 1%, trading above $2 trillion. BTC’s year-to-date returns are above 40%.
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