Crypto market sentiments are in the green again with Bitcoin’s recovery, which has occurred after a few days of intense price battle between bulls and bears.
Major crypto tokens returned to an upward trajectory in the last 24 hours after a fairly subdued weekend. Bulls and bears fought over taking control of sentiments, which eventually turned in favor of the former. With Bitcoin’s recovery, crypto market sentiments are positive once again. The next few days will likely center around Bitcoin’s price levels to set the tone for the next leg of the market’s movements.
According to data from crypto information platforms, short positions on BTC worth millions were liquidated recently. With BTC’s rebound, its dominance in the crypto market has surged over 58%. At the same time, analysts and traders have renewed expectations for a sustained rally to take place in BTC this time.
However, the next few days would be crucial since $65,000 has been a tight resistance zone for BTC. Since it has breached this mark, an upside to $70,000 is also possible. It has crossed $70,000 a few times this year but has been unable to consolidate over it. Second, the positive sentiments around BTC could also impact other tokens.
This has already happened, as ETH, SOL, DOGE, AVAX, and a few others have also registered gains.
BTC/USD 1D price chart
Bitcoin is currently trading at around $65,300 on October 15, 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 higher than its 20-day EMA (around 62,000), as BTC’s 24-hour volume was at approximately $40 billion. The global crypto market cap increased by around 2%, trading above $2.2 trillion. BTC’s year-to-date returns are above 55%.
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