The movements of the crypto market have been relatively subdued in the last 24 hours, likely due to neutral Bitcoin trader sentiments in the same period.
The crypto market has been static in the last 24 hours, mainly due to a stagnant Bitcoin price range. This could be due to the Bitcoin trader sentiments facing muted enthusiasm. However, bearish signals are also absent, indicating the dominance of bulls. As a result, crypto market volatility has dipped since August 7.
A few probable factors could have led to the low crypto market volatility. The main reason could be the outflows from the spot ETFs in the last few days. This has happened despite a minor recovery in Bitcoin this week. The second reason might be entirely macroeconomic, which has also affected other global markets.
At the same time, an analytics platform has revealed that BTC whale transactions have reached high levels recently. During the recent dip when BTC fell below $50,000, whale wallets reportedly started accumulating Bitcoin. This might be a reason why BTC recovered to $57,000.
The sticky trading range of BTC could persist for some time in the absence of major catalysts. But its trading level hovering above its 20-day moving average is a bullish signal. The next few days will possibly be crucial, with both bulls and bears aiming to take control of the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $57,300 on August 8, 2024, with BTC/USD trading higher by a margin of around 0.1% in the last 24 hours. Bitcoin’s market cap was trading at around $1.1 trillion in the last 24 hours.
BTC/USD is trading above its 20-day EMA (around 63,000), as BTC’s 24-hour volume was at approximately $39 billion. The global crypto market cap increased by around 0.1%, trading above $2 trillion. BTC’s year-to-date returns are above 36%.
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