After a crypto price decline that ensued after the spot ETF approvals, Bitcoin is trading in a narrow trading range, but its support is robust at $42,000.

The week began on a comparatively weaker note for the crypto market, as it slid from its previous highs just a week back. The crypto price decline may have occurred due to traders’ and investors’ continuous sell-offs in the market. After Bitcoin exceeded $48,000, traders have gone into a profit-booking mode. Currently, Bitcoin’s trading range is slightly stagnant, while some tokens have, in fact, posted gains in the last 24 hours.

BNB, XRP, LINK, and DOGE saw positive returns amidst the bearish trends. On the other hand, ETH and SOL have both gone through a dip. Weekly returns of most tokens are in the green, but the tokens would have to surge to sustain them. Meanwhile, a buying opportunity can emerge for traders if BTC dips below $42,000.

Bitcoin did go below $42,000 in the early hours of January 15, but bulls helped it recover to its current levels. The crypto fear and greed index had moved towards ‘extremely greedy’ levels earlier. After the sell-offs, it has settled in the neutral zone. In the next few days, traders may observe the ETFs’ performance and make their next move accordingly.

BTC/USD 1D price chart

Bitcoin is currently trading at around $42,700 on January 15, 2024, with BTC/USD trading lower by a margin of 0.3% in the last 24 hours. Bitcoin’s market cap was trading at around $836 billion.

BTC/USD is trading lower than its 20-day EMA (43,907.27), as BTC’s 24-hour volume was at around $19 billion. The crypto market cap decreased by around 0.56%, trading above $1.68 trillion. BTC’s year-to-date returns are above 1.78%.

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Traders helped BTC’s trading range stay steady, but it narrowed and remained stagnant while the crypto market trajectory went horizontal.

In the last 24 hours, BTC’s trading range was narrow, floating between $63,000 and $64,000. Bitcoin could have settled in this range after a close fight between bears and bulls in the last few days. After the halving event, traders may see another volatility spike in either direction. On the other hand, the demand for Bitcoin could also rise after the event, leading to a price increase.

Even after a section of traders started selling this week, Bitcoin did not dip below $60,000. It could mean long-term investors and whales haven’t sold their holdings. Numerous analyst predictions have had contrasting opinions, but all affirmed crypto’s long-term potential.

For instance, at a recent event, Yat Siu from blockchain firm Animoca Brands said, “I do believe that Bitcoin could reach over a million dollars-plus over time.” He stressed that Bitcoin may become a status symbol of the digital economy.

In other news, the US spot Bitcoin ETFs have seen their inflows decrease. However, a positive event emerged in Asia, where Hong Kong approved a few Bitcoin and ether spot ETFs. These ETFs could be a bonus for crypto investors in Hong Kong who want to start investing in BTC.

BTC/USD 1D price chart

Bitcoin is currently trading at around $63,400 on April 17, 2024, with BTC/USD trading lower by a margin of 0.17% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.25 trillion in the last 24 hours.

BTC/USD is trading below its 20-day EMA (67,700.12), as BTC’s 24-hour volume was at around $38 billion. The global crypto market cap decreased by around 0.1%, trading above $2.3 trillion. BTC’s year-to-date returns are at 51.31%

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BTC fought through bears to hike above $30,500, as most tokens took the cue and rallied, helping crypto predictions stay upbeat in the market.

Crypto market volatility in the last 24 hours surged as Bitcoin crossed the $30,500 psychological resistance. Most tokens benefitted from BTC’s lead as ETH, Solana, Dogecoin, and others marked their gains. ETH went closer to $1700, as its market cap edged nearer to $195 billion. As a result, crypto predictions stayed highly bullish.

Bitcoin’s trading levels were at a three-month high as bearish resistance failed to stop its rally. It could aim to break its highest trading level of 2023, which is around$31,800. If BTC successfully does so, the overall crypto market may see a big jump. Bitcoin has entered the key resistance area, and the days ahead could decide its next set of movements.

The wave of legal developments in the US concerning the crypto space has dominated talks in the recent past. While regulators have shown signs of cooling, traders are still cautious. The focus is also constant on the crypto ETFs, which await regulators’ approval. Experts are optimistic about the ETFs, while long-term investors align with the same views.

The crypto market may have room for further rallying until the next FOMC meeting in the US. Historical data suggests bulls may hold until the FOMC meeting results, but the current optimistic wave could persist.

BTC/USD 1D price chart

Bitcoin is currently trading at around $30,700 on October 23, 2023, with BTC/USD trading higher by 2.7% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (27,718), as BTC’s 24-hour volume was at around $16 billion. 

Bitcoin has seen around 84.96% returns on a year-to-date basis. 7-day returns for BTC stand at 13.2%, while its 100-day EMA was at around $28,073.07. Bitcoin’s overall market capitalization is trading at around $600 billion. The crypto market surged by over 1.7% to over $1.21 trillion.