Bitcoin, the world's largest cryptocurrency by market capitalization, saw a slight 0.29% price decline over the past 24 hours. After hitting highs above $27,000 earlier this week, Bitcoin is currently trading at $26,573.22 according to data from September 23, 2023. With a market capitalization of $517.99 billion, Bitcoin remains the dominant leader in the cryptocurrency markets. However, short-term price fluctuations are normal for this volatile asset class. By analyzing key Bitcoin metrics and price action, traders can better understand the current state of the market.
Over the past 24 hours, Bitcoin trading volume reached $7.32 billion across exchanges. This level of activity shows that Bitcoin remains highly liquid even though its price has consolidated from all-time highs. When assessing Bitcoin's price trend, it is important to zoom out beyond 24-hour windows. Over the past month, Bitcoin is still up 2.5% as it oscillates between support and resistance levels. Since hitting 2022 lows around $17,600, Bitcoin has established a series of higher lows showing underlying demand.