After a slight upward momentum at the end of the week, the BTC price support has remained neutral and maintained its range over the weekend.
After days of downward pressure, major crypto tokens, including Bitcoin, entered a period characterized by neutral sentiment. This lack of strong directional movement, neither decisively bullish nor bearish, has persisted for several weeks now. However, the BTC price support has stayed on a firm position since the last couple days. BTC has successfully defended the $61,000 price support from bearish pressures.
Price movements for major tokens and altcoins have been relatively flat. While there have been minor fluctuations, Bitcoin, for example, has largely hovered above the $60,000 mark. This lack of significant price swings reflects a wait-and-see approach from investors.
Trading volume, another key indicator, has also seen a decline. The lower volume suggests a decrease in buying and selling activity, further securing the neutral sentiment.
One potential explanation is a period of consolidation following the rapid price appreciation witnessed earlier in 2024. After a strong bull run, investors might be taking a breather, reassessing valuations, and waiting for a clearer picture before re-entering the market.
Regulatory developments, institutional adoption announcements, or major technological breakthroughs often act as catalysts for bullish or bearish sentiment. The lack of such news in recent weeks has likely contributed to the stagnant market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $61,500 on June 30, 2024, with BTC/USD trading higher by a margin of 0.8% in the last 24 hours. Bitcoin’s market cap was trading at around $1.21 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (65,800.24), as BTC’s 24-hour volume was at around $12.6 billion. The global crypto market cap increased by around 0.35%, trading above $2.27 trillion. BTC’s year-to-date returns are at 43.48%.
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