The past few months have brought a rollercoaster experience for the prices of cryptocurrencies. The crypto market has been hovering due to the impact of macro factors. But the past 24 hours created a new move of strength in the market.
Almost all the assets made positive moves to push the market into the green. The price of Bitcoin has gradually climbed to its critical level of $20K as the token amassed over a 2.5% uptrend. In the early trading hours of today, the BTC price reached $20,342.
Bitcoin price trends above the $20,000 mark l BTCUSDT on Tradingview.com
The bullish trend cuts across the altcoins and other crypto assets. Ethereum has crossed the $1,350 level as it rose by over 1.8% over the past day.
Dogecoin (DOGE) made a tremendous reclaiming with a surge of over 8% over the past 24 hours. This mark an outstanding bullish strength in the digital asset market for today.
Also, Ripple (XRP) redirected its pattern through an increase of about 5% in the last 24 hours.
Experts Think Digital Assets Market Can’t Sustain A Price Rally
Experts predict another bottom for the crypto market despite its recent impressive price movements. They think the crypto assets lack sustainability for the price rally and will soon experience a bearish trend.
The CEO of Eight Global and crypto analyst, Michael van de Poppe, commented on a possible turn of the crypto market. He thinks that the value of the US dollar will soon rally. According to him, such a new development will impact the crypto market through a slight correction.
Additionally, the data for US unemployment is set to be announced on Friday. In his thinking, Michael Poppe stated that the data could be wrong and negatively affect the crypto market.
In recent years, macroeconomic conditions have negatively affected the crypto market. As a result, such conditions now dictate the price trend in the market. This follows the strong correlation between crypto and traditional general markets.
Crypto Market Still In Struggle
Despite its recent bullish trend, there are still signs of struggles in the crypto market. The US Federal Reserve took a hawkish stance in its controlling measures against inflation. With its approach of increasing interest rates and tightening other financial operations, many people are in fear.
Following hikes in rates by global economies, the United Nations has requested that they avert the use of an aggressive approach. Instead, the UN highlighted a possible global recession with the stance of most central banks. But the American central bank will not tune down its force.
Oil prices are adding to the tension in the raging macroeconomic environment. As a result, the Organization of Petroleum Exporting Countries (OPEC) has planned to reduce supplies to hike oil prices, the worst reduction since 2020. The OPEC is expected to hold its meeting on Wednesday for its final decision.
Featured image from Pixabay and chart from TradingView.com