Bitcoin Recovering and Giving Crypto Market a Boost
The crypto market is looking up slightly today, with Bitcoin leading the way after several days of declines.
After several days of decline, Bitcoin (BTC) looks to be recovering and stabilizing. The token is up by 0.44% today, holding onto the rebound from Tuesday.
Over the last week, Bitcoin has lost 5.58%, dropping just below $60K on Monday at its lowest. The coin is up to $61,544 (BTC/USD) now and climbing slowly.
We do not expect Bitcoin to make a full recovery very soon. It is experiencing a lot of selling pressure at the moment, but that could change as it makes its way back up to the $65K mark.
The market is extremely volatile at the moment, with new economic data pouring in this week that details the housing market prices as well as overall inflation and interest rate statements from the FOMC. Inflation in the United States and elsewhere has stayed high in the post-pandemic era, keeping Bitcoin and the rest of the cryptocurrency market from going as high as it could be.
Cryptocurrency market liquidations are very high, surpassing $87 million over the last day. Those numbers may remain elevated so long as Bitcoin stays low. Once Bitcoin climbs higher, though, we expect liquidation to drastically slow down and buying pressure to build up.
Crypto Market Up
Bitcoin’s turnaround has led the wider crypto market to gain some upward momentum as well. We are seeing Ethereum (ETH) up today by 0.20%. that would not be significant except that this token has lost 4.45% over the last week and needs some kind of positive movement to get it back on track.
Solana (SOL) is one of the few major coins that has managed to lose very little over the last seven days, and it has declined only 0.20% in that time. The token is currently up by 0.92% for the last 24 hours.
BNB (BNB) lost 4.94% this past week and is now up by 0.30%. Likewise, Dogecoin is up by 0.74%, though it actually gained 0.20% this week.
We are seeing mostly positive numbers across the board for the crypto market, though much of that is muted. What is encouraging to investors is that the wide trend is stabilization, which could lead to an overall upward trend over the next few days. This could be the start of a minor bull trend or a small price correction before the market turns down once more.
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