Traders saw BTC slowing down in the last 24 hours as the market volatility of crypto registered an increase, but the support for BTC was strong at $36,000.
The crypto price action saw a slight downward trend recently after Bitcoin had moved over $37,000 in a sudden surge. As traders booked profits, the market volatility of crypto also increased. Experts believe the price slide may have occurred due to a few reasons.
Firstly, investors may have anticipated a potential delay by US regulators in approving the spot crypto ETFs. Secondly, a fake filing for a Blackrock ETF could also be responsible for the crypto price dip. The effect was most prominent in XRP’s prices as it shed some losses. On the upside, BTC’s support at $36,000 has sent positive signals for the crypto market’s strong fundamentals.
Meanwhile, BTC has also seen lower liquidity at higher levels, which may have prevented a further price hike. If BTC reclaims the trading range above $37,000 and sustains it, the crypto market could see gains soon. Analysts have predicted BTC could race to $40,000 within 2023 itself as bulls generate strong buying pressure.
If one could observe last month’s trends in crypto, the latest crypto price dip could soon reverse as altcoins start rallying.
BTC/USD 1D price chart
Bitcoin is currently trading at around $36,441 on November 17, 2023, with BTC/USD trading lower by a margin of 2.7% in the last 24 hours. Bitcoin’s market cap has consistently traded above $700 billion.
BTC/USD is trading higher than its 20-day EMA (35,193.46), as BTC’s 24-hour volume was at around $25 billion. The crypto market cap decreased by around 2.63%, trading at $1.4 trillion.
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