By Solomon Odunayo
Today’s sessions had Bitcoin on a slight 0.44% uptick, remaining beneath $30K as it trades near $29,793 at this publication.
The past day had the crypto market flat, recording brief upticks as risk appetite deteriorated. Investors appeared scared of investing in digital assets. Keep in mind that cryptocurrencies have recorded more plunges than upticks in 2022.
What can attract investors with BTC hovering about 50% down from record highs? While writing this content, the crypto space presented calm actions, with the cumulative value of all digital assets gaining 0.42% within a day.
Meanwhile, the crypto market has been unsteady, and CoinDCX attributes supply chain issues and rising interest rates to the market meltdown. Bitcoin remained under the crucial $30K, recording a 0.44% 24-hour gain to $29,793.
Market players seem to avoid risk markets amidst global uncertainty, citing recession potentials. Most assets mimicked Bitcoin’s slight overnight climb. Ethereum gained around 1.67% within the previous 24 hours to trade at $1,795.15.
Bitcoin recorded a brief recovery within the past couple of days as it climbed beyond $32K. Nevertheless, the asset could not keep the momentum as the US dollar index reclaimed some lost strength. WazirX stated that Bitcoin continues to trade inside a descending triangle setup.
Bitcoin’s primary resistance might showcase at $40K, whereas the nearest support floor stands at $26.8K. Bitcoin requires enough momentum past $40K to record stable uptrends. For now, the bellwether crypto would oscillate between $28K and $40K.
Vauld founder Darshan Bathija told News18.com that Bitcoin’s latest plunge hasn’t attracted buyers, with long-term investors double-downing and purchasing Bitcoin at the current levels.
He added that dropping prices see capable holders adding BTC per dollar increasing, as the accumulation tendency score displayed. The score showed investors interacting with the market are adding to their Bitcoin holdings.
Top Ten Crypto Prices (Coinmarketcap data)
- BTC $29,792.13 or 5.4% surge within 24 hours
- ETH $1,795.14 or 6.56% drop within 24 hours
- USDT $0.9993 or 0.0% surge within 24 hours
- USDC $1.00 or 0.01% uptick within 24 hours
- Binance Coin $297.61 or 0.28% drop within 24 hours
- ADA $0.5621 or 0.21% drop within 24 hours
- Ripple $0.3914 or 0.21% climb within 24 hours
- BUSD $1.00 or 0.03% gain in 24 hours
- SOL $38.97 or 4.69% surge within 24 hours
- DOGE $0.0812 or 0.98% drop in 24 hours