BTC price dip reverses as Bitcoin crosses $63,000

  • March 20, 2024
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Bitcoin did not go below $60,000 in the last 24 hours, successfully navigating through the price retest, leading to a minor reversal in the BTC price dip.

Traders in the crypto market saw the BTC price dip losing steam and reversing recently. It happened because Bitcoin gradually started going up from around $60,900. It continued the momentum and finally crossed $63,000. Signs of consolidation aren’t visible yet, and bulls would have to gather more support for an upward trajectory.

Most market experts and analysts consider the dip a pre-halving correction. The Bitcoin-halving events in the past have seen pre-halving corrections as well. On the other hand, others claimed a Bitcoin rally would only start if the spot ETFs saw higher inflows again.

Another factor that could impact the market is the US Federal Open Market Committee (FOMC) meeting. Although a rate cut may not occur soon, a stable global economy with lower inflation could help improve indicators. At the same time, the Fed’s neutral stance could also help Bitcoin’s movements.

The overall consensus among crypto market stakeholders was that the market could see further corrections before picking up strength again. Multiple tokens in the market, including ETH, SOL, BNB, and XRP, have seen mixed results over the last two days. SOL’s weekly gains are still hovering around 11%.

BTC/USD 1D price chart

Bitcoin is currently trading at around $63,000 on March 20, 2024, with BTC/USD trading lower by a margin of 1% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.24 trillion in the last 24 hours.

BTC/USD is trading lower than its 20-day EMA (64,035.88), as BTC’s 24-hour volume was at around $71 billion. The global crypto market cap decreased by around 2.14%, trading above $2.35 trillion. BTC’s year-to-date returns are at 50.29%.

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