With Bitcoin sliding further with the latest sell-offs, the volatile crypto market has seen its capitalization reduce slightly in the last 24 hours.
Bitcoin continued to dip for consecutive days as the volatile crypto market was seen in red. Analysts believe it was in anticipation of the upcoming inflation data in the United States, which could influence the crypto market heavily. Traders could have booked profits ahead of the data’s release.
Many experts have noted how inflation could reduce from the previous month’s data, but as fast as the market would have expected. This could lead to another round of interest rate hikes next month, as the market already reels under the recent 25 bps hike.
Though macroeconomic factors have led to short-term concerns for the market, the overall sentiments largely remain positive for the volatile crypto market. Bitcoin is sitting on over 60% gains for the current year, up from its lowest levels in 2022. Its 50-day moving average is at $27110, which is a comfortable mark from the view of long-term investors.
Crypto proponents expect the volatile crypto market to bounce back within this week, even as altcoins like Polygon, Solana, Cardano, and others trade with losses. ETH has been almost stagnant in the last 24 hours, though.
BTC/USD 24H price chart
Bitcoin is presently trading at $27600 on May 8, 2023, as BTC/USD was down by around 1.3% in the previous 24 hours. With the volatile crypto market showing mixed signals presently, bulls may only start supporting the market after the inflation data ensures more clarity. BTC/USD is trading below its 20-day EMA (28,833.19) as BTC’s 24-hour volume stayed at around $12 billion.