The weekend has turned out to be a bullish one for the crypto market, majorly due to the Bitcoin price uptrend, which continues to stay firm.
A rally in the crypto market has extended over the last three days, starting from October 4. With these crypto market trends, a Bitcoin price uptrend emerged in the same period. BTC has shown signs of consolidation over $60,000, settling above $62,000. Bulls may attempt a breakout at its present price levels as well, which could further boost its trajectory.
Meanwhile, improving economic indicators in the US may have been fuelling the positive crypto market trends. The positive signals have also spilled over to the equity markets in the US. At the same time, volatility might be on the upper edge for some more time in crypto, as bulls and bears are both active, fighting for control. On the upside, BTC’s move ahead of its 20-day moving average also hints at optimism in the market.
A crypto analytics firm has also demonstrated an interesting trend in the market. According to its findings, BTC on crypto exchanges has decreased considerably. This may indicate a rise in the number of long-term investors. In the past, a rise in BTC liquidity on exchanges has led to higher selling pressures. Thus, one could expect a pause in intense sell-offs in the market in the near term.
BTC/USD 1D price chart
Bitcoin is currently trading at around $63,600 on October 7, 2024, with BTC/USD trading higher by a margin of around 2% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 61,500), as BTC’s 24-hour volume was at approximately $19 billion. The global crypto market cap increased by around 3%, trading above $2.1 trillion. BTC’s year-to-date returns are above 51%.
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