Traders and investors noticed signs of firm crypto market consolidation as most tokens held their respective support levels, fighting off bears.
The overall crypto market cap has settled comfortably above $2 trillion without much volatility. As a result, there is anticipation surrounding a probable crypto market consolidation phase. Over the last two days, Bitcoin has traded between $62,000 and $64,000, indicating a consolidated trading range. Its support level has also been robust, above $60,000.
On the other hand, ETH has found its support around $2,500, with stiff resistance just above $2,650. Thus, it has been trading in a narrow range in the last few days. Moreover, other tokens in the crypto market have also witnessed little volatility in the last few days, suggesting signs of consolidation.
The only question that remains now is whether BTC would be able to sustain these trends. This month, options in BTC and ETH worth billions are going to expire. This sets an uncertain trajectory for both crypto tokens at the end of this month.
If BTC manages to hold its current support by then, one could expect a fresh rally in the market. However, a dip could also trigger a correction in the crypto market. Since support from bulls is consistent, BTC could only dip to $60,000 in case of a decline.
BTC/USD 1D price chart
Bitcoin is currently trading at around $63,900 on September 25, 2024, with BTC/USD trading higher by a margin of around 1% 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 59,400), as BTC’s 24-hour volume was at approximately $29 billion. The global crypto market cap increased by around 0.9%, trading above $2.2 trillion. BTC’s year-to-date returns are above 52%.
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