Crypto price trends suggest static movements for BTC

  • December 29, 2023
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Traders witnessed crypto price trends slowing in the last 24 hours, as BTC assumed a tight trading range while gathering support to sustain at $42,000 over the weekend.

After making huge gains in December 2023, Bitcoin has started trading with range-bound movements for the last few days. It briefly traded over $43,000 but has dipped below the trading range in the last 24 hours. Though its support is firm at $42,000, traders could hope the levels hold for the next few days. At the same time, overall crypto price trends in the market have been optimistic for the last month.

The crypto market has traded consistently above $1.5 trillion for the last many days, creating bullish market indicators. Moreover, the altcoin rally has also complimented Bitcoin’s surge along the way. Ethereum, trading at $2,300, could soon aim for $3,000 within the upcoming year’s first quarter. Avalanche, Solana, Polygon, BNB, and XRP have been outperformers, among others, during the rally.

Crypto analysts are hoping for an early approval of the spot Bitcoin ETFs next year. The ETFs and the Bitcoin halving event could be the next triggers for a longer rally. Meanwhile, regulatory actions, global interest rates, and market sentiments continue to be major determiners of the market.

Early next year, BTC traders may aim to help it shape a breakout from its present stagnant range.

BTC/USD 1D price chart

Bitcoin is currently trading at around $42,300 on December 29, 2023, with BTC/USD trading lower by a margin of 1.3% in the last 24 hours. Bitcoin’s market cap was trading at around $829 billion.

BTC/USD is trading higher than its 20-day EMA (42,909.71), as BTC’s 24-hour volume was at around $22.5 billion. The crypto market cap decreased by around 0.9%, trading above $1.67 trillion. BTC’s year-to-date returns are above 155.33%.

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