On Wednesday, the cryptocurrency market was trading higher, with Bitcoin (BTC) up 1.23% to $30,476 and Ethereum trading above $1,850.

In the meantime, BTC volume over the previous 24 hours increased by 66.55%, reaching almost $14.59 billion.

The price of bitcoin has been ranging above $30,000 with a brief surge earlier today towards $31,000 and a subsequent swift fall. BTC will probably try to retake the level once more. The ultimate goal will be to break through crucial resistance at $32,400 before a persistent rise is achievable.

The 50-day simple moving average ($1,841) is currently being defended by the bulls, but Ether is also encountering resistance at the 20-day exponential moving average ($1,871). This tussle between buyers and sellers points to a lack of obvious market momentum.

On Monday, the prices of other popular crypto tokens increased as well. Up to 9% gains were seen in BNB, Polygon, Solana, and Litecoin. The market capitalization of all cryptocurrencies was up, trading at roughly $1.19 trillion, up 1.45% in the previous day.

DeFi’s 24-hour volume is 2.14 billion, or 6.62%, of the overall volume of the crypto market. Currently, the combined volume of stablecoins is $30.02 billion, accounting for 93.04% of the 24-hour volume of the entire crypto market.

The largest cryptocurrency in the world by market cap, Bitcoin, was valued at over $593 billion. According to CoinMarketCap, the market share of Bitcoin is currently 49.88%, a decline of 0.11% from the previous day.

Given the double top pattern and the 50-day exponential moving average, it is evident from an analysis of the 4-hour time frame that Bitcoin is hitting severe resistance near the $30,500 level.

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