Bitcoin (BTC) is staying steady, with the 24-hour price remaining in the $8,600-$8,800 range as of 18:00 UTC (1 p.m. EST). Over the past 24 hours, the price rose a mere 0.07 percent.
The surprise U.S. Federal Reserve rate cut Tuesday corresponded with a spike in positive cryptocurrency trading, with a jump of 1,699 trades in one hour on Coinbase. However, bitcoin’s 10-day moving average crossed below the 50-day average at around 12:00 a.m. UTC, falling even though Tuesday’s trading action pushed prices back up into the $8,800 range.
The subsequent holding pattern for bitcoin prices can be attributed to jittery trading sentiment related to coronavirus fears, according to Alex Mashinsky, chief executive of cryptocurrency lender Celsius.