Crypto traders stay cautious while BTC trades in a narrow range

  • January 8, 2024
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Ahead of speculations regarding the spot Bitcoin ETFs in the US, crypto traders are in vigilant mode while the resistance levels of BTC are hovering at the $44,000 mark.

Crypto traders and investors have steadily booked profits over the last few days as speculations of the crypto ETFs grow higher. As a result, Bitcoin has traded in a tight range over the weekend, around the $44,000 level. The current price movements may continue for a while until the SEC’s announcements on the ETF approvals. Though analysts and experts are optimistic, volumes in the crypto market have relatively reduced.

The overall market cap of the crypto market is still at record-high levels. 2024 may also witness Bitcoin alone surpassing the $1 trillion mark in market cap. Meanwhile, Ethereum’s market cap has consistently traded over $250 billion, sending bullish signals. Most other altcoins in the crypto market shed minimal losses in the last 24 hours. On the other hand, BTC has broadly remained stagnant.

In other news, amidst all the optimism, crypto adoption may have accelerated recently across countries. A leading BTC metrics tracker claimed the number of merchants accepting BTC increased by 174% in 2023. It is a big sign for the crypto market to tread higher shortly, as wider adoption could lead to more crypto investors and traders.

BTC/USD 1D price chart

Bitcoin is currently trading at around $43,900 on January 8, 2024, with BTC/USD trading lower by a margin of 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $860 billion.

BTC/USD is trading lower than its 20-day EMA (43,157.91), as BTC’s 24-hour volume was at around $23 billion. The crypto market cap decreased by around 1.32%, trading above $1.64 trillion. BTC’s year-to-date returns are above 4.98%.

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