Bitcoin (BTC) bounces back to $21,000 from $17,000- Investors Optimistic

Bitcoin BTC

Today major cryptocurrencies were trading in green. The overall global crypto market capitalization grew 2.86% to $904.57 billion in the last 24 hours. Whereas, the total crypto market volume was running down to $71.92 billion which is approx 8.78% during the same period. Also, the total locked volume (TLV) in DeFi was $6.65 billion, 9.24% of the total crypto market’s volume.

The volume of stablecoin was $62.73 billion, which is 8.7% of the entire crypto market’s 24-hour volume. Bitcoin pricing is the most interesting part. Some of the major sell-offs pushed the Bitcoin pricing behind the all-time high of 2017. A huge amount of pressure was imposed on all related pairs and altcoins due to the price falling. Yesterday, it was hovering below $19,000, which was the least expected dip. However, today it is trending above the threshold support of $20,000.

This unanticipated price bounce was a major effect caused by the lack of selling volumes on centralized exchange markets. The Bitcoin network also experienced an enormous loss of $7 billion as most retail and institutional investors capitulated the last weekend.

Meanwhile most of the big centralized and decentralized are expecting higher interest rates to be exposed by US Federal Reserves. These high-interest rates might bring down inflation bringing a risk of recession with a slow economy. In the coming days, it may damage the stock prices, cryptocurrency market, and other ways of investments.

Also read: Rio de Janeiro to adopt Bitcoin for real estate taxes from 2023 onwards

Source: Bitcoin Magzine, Twitter

According to WazirX Trading Analysts, Bitcoin (BTC) has recovered by 9% in the last few days and has managed to hold a position above $20,000. However, as the market sentiments remain in the ‘extreme fear zone’, the next support threshold is expected to be $14,000. It has surely survived many bear markets in the past and shall survive this one too. All the HODLers need to relax and keep accumulating the top cryptocurrency as much as they can.

Also read: Just In: TRON DAO Reserve will pull out 2.5 billion TRX from Binance

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