Bitcoin has dipped below $28000 amidst bearish signals and selling pressures, leading to doubts if the crypto market will recover soon.
The decline in the crypto market continued as the week ended, with Bitcoin sliding below $28000. As crypto stakeholders deliberate on whether the crypto market will recover soon, some experts have suggested the present decline was an expected sign since BTC was predicted to have gone through a retest at $30K, just like it had at $19K.
While Bitcoin’s support hovered at $25000, analysts expected strong buy support from traders around the mark. It could propel BTC towards another rally in the short term. BTC/USD was down overall by 7% in the last week, while it was trading downward by 4% in the current month.
In the last 24 hours, a few altcoins generated moderate returns, including XRP, Dogecoin, Polygon, Solana, and Polkadot. Ethereum was trading just above $1800 after suffering losses from its rally where it had crossed $2000. The crypto market capitalization rose by around 1% in the last day to $1.2 trillion, whereas BTC’s market cap declined to $535 billion.
Ethereum maintained a market cap of $225 billion approximately, while it averaged a negative 10% in the previous seven days.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27600 on April 21, 2023, with BTC/USD down by almost 0.56% in the previous 24 hours. Some investors expressed optimism that the crypto market will recover soon, but others remained apprehensive. BTC/USD is trading lower than its 20-day EMA (28,688.97). Bitcoin’s 24-hour volume is around $12 billion.