Bitcoin Stays Above $30k As Analysts Expect Market Corrections

TL;DR

• Bitcoin is trading above $30k once again after falling below that threshold on Friday.

• Market experts believe that there will be more corrections before Bitcoin rallies to new highs.

Bitcoin Now Trading Above $30,300

The cryptocurrency market is slowly recovering after its poor performance towards the end of last week. After rallying to a high of $31,700 on Thursday, Bitcoin underwent a correction to trade below the $30k level on Friday. 

However, Bitcoin, the world’s leading cryptocurrency by market cap, is now recovering from that poor performance. At press time, Bitcoin is trading at $30,321, up by nearly 1% in the last 24 hours.

Despite Bitcoin staying above $30k for the best part of three weeks, market experts still expect the market to undergo a correction before the upward trajectory continues. 

Johnny Teng, Senior Researcher at LBank Labs, stated that;

“Looking ahead, with no major scheduled events or economic data releases this week, we anticipate that price action in the market will be influenced by open interest levels, reflecting trader sentiment, and trending topics such as memes and artificial intelligence. As retail traders may have missed out on last week's price movement, their enthusiasm to participate in the market is likely to increase.”

XRP was the best performer amongst the top 10 cryptocurrencies by market cap over the past 24 hours. XRP is up by more than 4% in the last 24 hours and is now trading at $0.7484 per coin.

The total cryptocurrency market cap also stands at $1.22 trillion, up by less than 1% so far today.