Bitcoin Price Sustains Well Above $29,000 Level Ahead Of US FOMC Meeting

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is up 1.3% trading around $29,500, Ethereum price is trading at $1915, up about 0.3% in the past 24 hours.
2. Global crypto market cap is up about 0.7% in the past 24 hours, currently at about $1.21 trillion, according to data from CoinMarketCap.

CRYPTO MARKET TODAY AT A GLANCE

Additional Read: Bitcoin Price Prediction this Week

TOP CRYPTOS THIS WEEK BY MARKET CAP

The crypto market over the past week has been a mixed bag of price action. While we saw some of the previous week’s bearishness spilling over into this week, which was primarily led by the correction in Bitcoin price amid fears of inflation in the UK and a continued regime of interest rate hikes. Bitcoin price has fallen from the $30,000 level down to a weekly low of around $27,000 and since then has recovered back to around $29,500 as of writing this article. 

While the previous week had seen the second largest weekly corrections in 2023 – the largest being the one when the Silicon Valley Bank collapsed back in March 2023 and the subsequent depegging of the USDC stablecoin. The overall crypto market cap has gone from around $1.25 trillion to around $1.13 trillion, losing over $100 billion in a week alone. Since then, however, the overall crypto market cap has recovered quickly back to $1.2 trillion levels. 

Total Crypto Market Cap | Source: TradingView

BITCOIN PRICE TODAY

BTC/USD | Source: TradingView

Bitcoin has now shown a strong recovery in price in the past 4 days to be precise. BTC price has gone from nearly $27,000 levels to $29,500 as of writing in a matter of 3-4 days and is now back in the accumulation zone (marked in grey). While the $30,000 mark is still about $500 away, we can see that BTC price has shrugged off almost all the bearishness it had caught on earlier in the week. It is currently trading above the trendline support (diagonal, marked in blue) which is a trendline that has held strong all through 2023. If this trend continues, we can expect Bitcoin to breach past $30,000 very soon!

Additionally, it is supported by a few more additional technical indicators too. The Relative Strength Index for the king coin is reasonably well-positioned to support any recovery from current levels and the golden crossover of the 50 and 200-day moving averages are also on the bullish side. Thus overall, Bitcoin bulls have nothing much to worry about as of writing.

ETHEREUM PRICE TODAY

ETH/USD | Source: TradingView

Ethereum too, along with the king coin, Bitcoin has managed to make some strong gains in the second half of this week. It had touched the $1800 level but is now back to trading above the $1900 mark. However, the altcoin king is yet to recover back up to its YTD highs of around $2100 which was achieved right after the Shapella Upgrade earlier this month, and thus can be expected to make a full recovery from this current minor bout of price correction very soon.

But from a technical point of view, like BTC, ETH price is still doing reasonably well. Ethereum price is trading well above its golden crossover of the 50 and 200-day moving averages with a decent Relative Strength Index of 45 to support any recovery from the current level around $1900. A recovery in the market sentiments can be expected to bring about a positive recovery in the largest altcoin by market cap.