Cryptocurrency Market Sees Little Change Despite Stock Market Slump: BTC Up 71% YTD

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(Kitco News) – The Cryptocurrency market was relatively quiet in the last 24 hours. Prices have remained steady following the hot start to 2023. Bitcoin (BTC) is up more than 71% year-to-date, while the total market capitalization of all cryptos has risen by 53.6%.


On the other hand, stocks declined as new data on jobs revealed that the labor market was cooling and businesses were reducing their factory orders. At the end of trading, the S&P, Dow Nasdaq All closed in the red with a drop of 0.58%, 0.599% and 0.52% respectively.


Data from TradingView reveals that Bitcoin Bulls managed to rebound from a plunge below $27,000.500 Monday Night to lift the leading crypto to $28,518 Tuesday Afternoon before profit-taking caused a pullback at support at $28,300



BTC/USD 1-day chart. SourceTradingView


According to Kitco’s Senior Technical Analyst Jim Wyckoff, it should be noted that “The market is pausing after hitting a contract high last week,” But, he added this: “This pause is not bearish.”


“BC bulls still have the firm overall near-term technical advantage,” Wyckoff said. “The price uptrend on the daily bar chart has also paused but remains in place.”



Technical analyst Michaël van de Poppe offered insight into what level BTC must clear to allow it to move higher. He The starting point for a run up to $30,000., $28,400 was highlighted.


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