Traders saw the upcoming crypto trends turning green as BTC led a wide crypto rebound with a sharp price uptick among several tokens in the market.
The crypto market went through an upward trend right at the beginning of the week, with Bitcoin at over $27000. It is moving fast towards $28000, creating a buying frenzy among investors. Upcoming crypto trends and predictions could turn positive with the current movements. Meanwhile, if BTC exceeds $28000, investors could also look at booking profits or help it consolidate above the mark.
The crypto rebound could have occurred due to upbeat sentiments around a spot Bitcoin ETF. A US regulator did not repeal a court ruling in favor of the ETF. The move by the regulator has pushed up hopes for a spot Bitcoin ETF to be active soon.
The optimism trigger for BTC also worked for other crypto tokens. ETH, Polkadot, Cardano, TRON, Solana, and others traded at higher levels. If the crypto rebound sustains for this month, BTC could also move closer to $ 30,000 within 2023.
Automobile company Ferrari going for crypto payments was yet another silver lining for the crypto market. If it successfully implements smooth crypto transactions, crypto adoption could get a big boost. Only macroeconomic indicators remain as the major uncertain factors that could still impact the crypto market either way.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27800 on October 16, 2023, with BTC/USD trading at much higher levels in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (27,087.39), as BTC’s 24-hour volume was at around $12 billion.
Bitcoin has seen around 68.20% returns on a year-to-date basis. 7-day returns for BTC stands at -0.2%, while its 100-day EMA was at around $27,955.47. Bitcoin’s overall market capitalization is trading around $543 billion, and the crypto market cap is above $ 1.08 trillion.