Bitcoin dipped below its support in the last 24 hours, although it climbed back steadily towards $42,800, even as the higher market volatility affected the prices of crypto tokens.
Market volatility in crypto rose recently, affecting the prices of crypto tokens in the last few days. Bitcoin has succeeded in not falling below $42,000 even after rising bearish activity recently. The main reason for the price dip could be continuous sell-offs by traders. More investors could move to institutional investment products after the spot ETF approvals.
The futures and options market also witnessed record highs after the ETFs, leading to higher market volatility. Volumes have increased recently in these markets. Meanwhile, short-term holders in BTC may have risen, with long-term investors booking profits. In the long run, most experts and analysts expect the crypto market to recover and reclaim its all-time highs.
Regarding the spot Bitcoin ETFs, a leading crypto analyst said, “GBTC total outflows are now at $1.18 billion vs. spot Bitcoin ETF inflows of $2B. It would be extremely encouraging if we continued this pace for the first month of trading,” referring to their volumes. Since the ETFs quickly crossed $10 billion in volumes, analysts are very bullish about their near future.
BTC/USD 1D price chart
Bitcoin is currently trading at around $42,800 on January 18, 2024, with BTC/USD trading higher by a margin of 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $839 billion.
BTC/USD is trading lower than its 20-day EMA (43,865.40), as BTC’s 24-hour volume was at around $20 billion. The crypto market cap decreased by around 0.30%, trading above $1.68 trillion. BTC’s year-to-date returns are above 2.08%.
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