With a few events deciding the path of the crypto market in the previous week, the weekend turned out to be less volatile for the current crypto scenario.
After going through a few ups and downs, the crypto market is presently poised for a broad recovery. The weekend saw traders see the crypto scenario get less volatile. Bitcoin also moved closer to $26000, set for a new resistance. Its support levels were also consistent.
If BTC manages to cross its immediate psychological resistance, investors could expect a mini-rally in the crypto charts. Analysts have predicted varied cases of Bitcoin’s movements. A few have raised trading ranges around $24000 in case of a downside. An upward trend may see BTC marching across towards its twenty-day moving average.
In the last 24 hours, tokens like ETH, BNB, Cardano, and Solana saw green shoots in their movements. Though their trading ranges are tight, they haven’t lost much value. The overall crypto market cap is well above $1 trillion. At the same time, BTC’s total capitalization is at around $505 billion.
Bulls could have a mixed time aiming to move forward in September. If macro signals stay positive, they could receive a helping hand. The ETF approvals are also on the standby for now, which slowed the crypto charts.
BTC/USD 1D price chart
Bitcoin is currently trading at around $25990 on September 4, 2023, with BTC/USD trading higher by 0.1% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (27,439.80) as BTC’s 24-hour volume increased to around $19 billion. Bitcoin has seen around 56.70% returns on a year-to-date basis.