While traders and investors await the Fed decision, the recent crypto hike in the last 24 hours could be a sign of a rally on the way.
The crypto market was full of recovering signs as Bitcoin crossed the anticipated $26000 mark with renewed optimism for a rally. The crypto hike could be attributed to two factors; the upcoming monetary policy meeting of the Fed and the US inflation data to be released shortly.
The Security and Exchange Commission’s actions on the crypto industry seem to have diminished their dominance in dictating the crypto market even though the previous week witnessed Bitcoin dipping to around $25000 with bearish signals across the crypto market.
The CPI data for May was widely expected to be lower than earlier, indicating reduced inflation. After multiple interest rate hikes, inflation finally seems to have been lowered, with multiple countries reporting a dip. The positive results could soon spill over to the crypto market, which was observed in the last 24 hours.
While Bitcoin will attempt to push through $26300 soon, ETH could likely cross $18000 within this week. Tokens like BNB and XRP observed a rise, while Solana, Dogecoin, and Polkadot also rose from their earlier trading ranges. The overall market cap of the crypto market rose to around $1.1 trillion.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26100 on June 13, 2023, with BTC/USD up by around 0.6% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (26,770.12) as BTC’s 24-hour volume declined to $8.5 billion. Bitcoin has seen around 57.69% returns on a year-to-date basis.