Greed

Ethereum

bullish

Bitcoin

<ul>
 <li>Bitcoin price hit $61K in the last 24 hours.</li>
 <li>El Salvador holds 5,850 BTC valued at $355.83 million.</li>
</ul>
The crypto market has briefly recovered from the recent dip, and the global crypto market cap has spiked by 0.75% to $2.15 trillion over the last day. Leading cryptocurrencies have recovered moderately from their support levels. Among them, Bitcoin (BTC) has soared 0.39% within the last 24 hours.&nbsp;
Bitcoin’s price has fluctuated within a narrow range; recently, the asset climbed to $61,408 from $60,141. However, the rally could not sustain, with the price rebounding to around $60.9K. Crucially, the BTC’s market sentiment remains in the fear zone as the Fear and Greed Index stays at 34.&nbsp;
At the time of writing, BTC traded at $60,990, and the daily trading volume has dropped by over 26.91% to $25.54 billion, according to CMC <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">data</a>. Over the last 24 hours, according to Coinglass <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">data</a>, Bitcoin has witnessed a liquidation of $14.38 million.&nbsp;
Notably, Bitcoin <a href="https://thenewscrypto.com/bitcoin-exchange-inflows-plummet-in-august-despite-sell-off-speculation/" target="_blank" rel="noopener noreferrer nofollow">exchange inflows</a> have declined since early August. An approximate 194,000 bitcoins were delivered to exchanges in the first week of August. As per the current data, a total of 31,000 BTC were transferred to exchanges from August 20, which is less than 50% as compared to the inflows in the first week of August, which also suggests less selling pressure in the market.
On the other hand, the <a href="https://thenewscrypto.com/el-salvador-acquires-355m-due-to-daily-btc-buying-commitment/" target="_blank" rel="noopener noreferrer nofollow">El Salvador</a> cold wallet has purchased 1 BTC daily since March 16, accumulating a total of 160 BTC. The government’s BTC reserve holds 5,850 BTC, valued at around $355.83 million.
<h3 class="wp-block-heading" id="h-will-btc-maintain-the-ongoing-momentum">Will BTC Maintain the Ongoing Momentum?</h3>
Zooming in over the last month, BTC showcased a downward price momentum resulting in 9.82% decline. The asset fell from a high of $65,885 to a low of $49,842. In the past 7 days, Bitcoin has performed moderately, showing a 4.57% spike. With the modest hike, the week started with the token trading at $58,031, and as days progressed, BTC showed a bullish rally, climbing to $61,562.&nbsp;
If BTC could step into the upward momentum, the asset’s price might touch its key resistance at $61,572. BTC will likely continue to test the upside resistance if the bullish rally persists. However, if the asset bounces back to the $60K mark, the initial support might be tested at $59,769.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXerWZYV9iQggD9LlTzTk5uSsKgKANzR2zFPgz4ViY6pH7haNrtn_IuoBwHosi3l0ME0iU4yiQyQBCI3W25s8NzahchtGmWZXre5hpzMbJ_hJVhy_b9QSox9O2LX7WTqL7JGxwzJUsNu5jS80YnY979iDgtl?key=fU7_2FhVsQcZuC9lxhwStQ" alt="">
 <figcaption class="wp-element-caption">BTC price chart (Source: <a href="https://in.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Meanwhile, Bitcoin’s current short-term 9-day MA at $59,516 stands above the long-term 21-day MA at $59,136. However, the token’s daily relative strength index (RSI) stands at 51.08, indicating neutral sentiment in the market.&nbsp;
Highlighted Crypto News
<a href="https://thenewscrypto.com/sony-group-unveils-new-ethereum-layer-2-blockchain-soneium/" target="_blank" rel="noopener noreferrer nofollow">Sony Group Unveils New Ethereum Layer-2 Blockchain Soneium</a>

Can Bitcoin Sustain the Ongoing Brief Bullish Momentum?

Table of Contents

TheNewsCrypto

Other articles published on Aug 23, 2024

Trending Cryptos on GeckoTerminal Today, August 23 – Matrix Chain, Neiro Ethereum, ANON, Symmetry

WazirX announces INR withdrawals, provides update for crypto holders

Dubai Court Recognizes Cryptocurrency Salary Payments as Legally Valid

Solana Network Faces Decline in User Activity and Transactions

China Extradites Architect of 100 Billion Yuan Crypto Scam

Binance Resumes Full Operations in India After Securing FIU Registration and Paying $2.25M Fine

Join our free newsletter for daily crypto updates!