Bitcoin traders took a relaxed approach to the asset until it reached the $20,000 support level. The S&P 500 and Bitcoin have a strong correlation. Crypto traders should be aware of developments in US stock market, as they could be affected by the Federal Reserve Board’s latest decisions.
Although the crypto asset’s flagship has dropped by nearly 10% over the past seven days, the 24-hour volume showed an increase of 8%. BTC dominance stands at 42.2%.
BTC traded at $19,100 as of the writing of this article.
Chart for Bitcoin (BTC).
Bitcoin rallied by almost 24% to $21,888 after hitting a low of $17622. However, the bulls failed to push prices above $23,000 resistance and Bitcoin started to move down.
BTC currently has two “Doji” candles, which indicates indecisiveness and trend. Bitcoin currently has $17,000 as its support, while $23,000 will be its resistance. The asset’s future trend will be determined by breakouts at either end of the range.
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