Bitcoin’s movements go through an upward curve

  • January 26, 2024
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After crypto prices stabilized in the last 24 hours, Bitcoin’s movements saw positive returns as it traded over $40,000 with improving trading indicators.

Traders witnessed relatively better sentiments in the crypto market over the last 24 hours. Bitcoin’s movements were especially the center of focus, as it traded consistently over $40,000. On the other hand, bulls would have to gather more strength to consolidate it over the trading range. Meanwhile, overall crypto prices in the market also seem to have stabilized with little to no losses recently.

The above trends could indicate lower sell-offs in the crypto market. If that’s the case, then long-term traders could see a buying opportunity in the market soon. As a result, most of the crypto tokens, along with BTC, could see a surge.

Meanwhile, a market report from JP Morgan claims the profit-booking spree from the Grayscale Bitcoin Trust could have ended. Analysts from JP Morgan said, “GBTC profit taking has largely happened already. In turn, this would imply that most of the downward pressure on Bitcoin from that channel should be largely behind us.”

The analysts also stated the ETFs would play a role in changing the crypto market structure. They said that better price discovery, market depth, and liquidity could be a new norm for the market with the ETFs.

BTC/USD 1D price chart

Bitcoin is currently trading at around $40,000 on January 26, 2024, with BTC/USD trading higher by a margin of 0.4% in the last 24 hours. Bitcoin’s market cap was trading at around $784 billion.

BTC/USD is trading lower than its 20-day EMA (42,939.23), as BTC’s 24-hour volume was at around $17 billion. The crypto market cap increased by around 0.04%, trading above $1.56 trillion. BTC’s year-to-date returns are at -4.42%.

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