The improvement is happening but Bitcoin price still doesn’t have much room for price increase. The largest cryptocurrency is still struggling to stay above $30,000 and is doing pretty well as it was trading at least two weeks ago. At the time of writing, BTC is changing hands at $30,377.
Bitcoin price briefly rose above $30,000, extending its weeklong trading range higher
Bitcoin price recently changed hands at around $30,500, up more than 6% in the past 24 hours. The gains outperformed Ether, which gained just over 4% over the same period, and other cryptocurrencies, most of which also recorded smaller gains as investors continue to prefer the cryptocurrencies are more famous than smaller, riskier assets.
“SELL PRESSURE IN SPOT MARKET & LTH SPENDING BEHAVIOUR”, Crypto Quant stated.
Source: Crypto Quant
Still, the flavor of the market remained sour with investors continuing to chew on the triple whammy of inflationary pressures, central bank missteps and the looming prospect of recession.
In the face of the bear market situation, Bitcoin price managed to hold short-term support above $27,500 as buyers reacted to oversold conditions. BTC may face resistance at $35,000, which is where the current downtrend accelerated earlier this month.
The relative strength index (RSI) on the daily chart is rising from the oversold levels, which could keep the short-term buyers active. Furthermore, short-term momentum is improving, similar to what happened in early March, before a slight rally. BTC will need to register a weekly close above $30,000 to confirm short-term bullish signals. For now, the uptrend seems limited due to negative momentum signals on the weekly and monthly charts.
Several altcoins have recovered to Bitcoin’s momentum albeit within a six-month downtrend. For example, Solana (SOL) has increased by up to 4% in the last 24 hours after falling 50% in the past month. XRP, ADA and MATIC rose less than a percentage point. AVAX was among the losers, recently dropping more than 3%.
The overall cryptocurrency market cap stands at $1.280 trillion, and Bitcoin’s dominance rate is 44.9%.
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