Bitcoin price has been in the green for two consecutive days, recovering from its slight slump on Monday. The coin has increased slightly in the past 24 hours, while its year-to-date price increased by 71.28%. Bitcoin’s total market cap has climbed 5.86% in the past 24 hours to $552 billion, while the total volume of the coin traded rose by 10.35%.

Fundamentals

Bitcoin price has been recovering for the past two days from its slight decline on Monday. The largest cryptocurrency by market cap slipped on Monday after the Commodity Futures and Trading Commission (CFTC) sued Binance for allegedly violating trading rules. In a court filing, Binance, the largest crypto exchange platform, was said to have violated eight provisions of a commodities trading law.

The lawsuit which was filed by the CFTC earlier on Monday in a federal court in Chicago has the potential to upend the operations of the crypto exchange platform. The lawsuit saw the price of Bitcoin drop 3% to $26,508, while the Ethereum price fell 3.5% to $1,704.56. Crypto exposed equities were also affected as Coinbase and MicroStrategy fell 10% each.

Even so, the largest digital asset is trading higher as Bitcoin’s net exchange flows jump to their highest level in 10 months. Data by Glassnode shows that the net exchange flows ticked higher by nearly 4,180 BTC, recording the largest net increase since the collapse of LUNA in May 2022.

The crypto market was in the green on Wednesday as investors digest the latest CB Consumer Confidence reading. The Conference Board Consumer Confidence Index increased slightly in March to 104.2, up from 103.4 in February. The Expectations Index- based on Customers’ short-term outlook for income, business, and labor market conditions inched higher to 73. However, the Expectations Index has been below 80 since February 2020, the level which often signals a recession within the next year.

At the time of writing, the global crypto market cap was at $1.19 trillion, a 5% increase over the last day. The total crypto market volume had also increased by 7.35%, while Bitcoin’s dominance inched slightly higher to 46.29%.

Bitcoin Price Analysis

Bitcoin price has staged a strong recovery this month, climbing more than 43% from its lowest level in March. On the daily chart, BTC is moving above the 25-week and 50-week moving averages, as well as the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) has moved higher and is currently slightly below the overbought zone. The Moving Average Convergence Divergence (MACD) indicator is bullish.

Therefore, it is evident that the bears are weakening, and the bulls have assumed control. As such, the BTC price is likely to continue moving higher as bulls eye the next resistance at $33,116. A flip below the important hurdle at $26,500 will invalidate the bullish thesis.

BTC Price Chart