Bitcoin has consolidated above the $27500 trading level, but the overall crypto sideways price action in the market could persist for some more time.
The crypto market looks stable as most crypto tokens maintained their market caps with steady support from bulls. But the current crypto sideways price action, more prominent with Bitcoin, may stay longer. The move could be due to various reasons.
Firstly, the market may be acting cautious in the run-up to inflation reports of September from central banks worldwide. Secondly, the flat movements could also be purely cyclical in nature.
Trading levels in the market have stayed consistent for a few days. In the case of Bitcoin, the $28000 mark has become a major resistance. Liquidity levels are also slightly declining, which may have stopped a further short-term rally in crypto.
On a positive note, the recent obstacles haven’t stopped institutional investors from applying for more crypto ETFs. Digital asset investment products have seen greater inflows in recent weeks, indicating greater investor interest. If such inflows are sustained, trading levels could rise in the crypto market.
Geopolitical issues have also cropped up in the global economic climate as tensions increase in West Asia. While central bankers would keenly follow such developments, it remains to be seen how markets react in the days ahead.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27600 on October 10, 2023, with BTC/USD trading lower by 0.2% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,987.70), as BTC’s 24-hour volume was at around $11 billion. Bitcoin has seen around 66.88% returns on a year-to-date basis.