The crypto market began the week with a sideways trend, with lower volume and volatility as BTC continued to float within a rigid trading range.
The lingering sideways trend continued in the crypto market, as traders saw a flat trading range. In the last 24 hours, Bitcoin continued on the same note, just below $24000. ETH made attempts to cross $1900 but also stayed flat. Other tokens like Solana, Cardano, Polkadot, and BNB also witnessed static movements.
Experts claimed the lack of liquidity led to such low volumes in the crypto market. Indicators in the market have been broadly neutral. Both bulls and bears have been relatively less active. They had locked horns after the launch of the US inflation report, but the momentum did not continue.
Analysts are positive about the market’s outlook, though. Most believe BTC’s reclamation of $29700 is of the highest priority now. They also stated the next market triggers could come from factors other than macroeconomic signs.
The most optimistic sign now could be if Bitcoin continues to stick to $29250. The resistance could be a sign for bulls to start buying soon. Until then, BTC could continue to stay in the same trading region.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29300 on August 14, 2023, with BTC/USD trading in the same range in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (29,432.19) as BTC’s 24-hour volume increased to around $10 billion. Bitcoin has seen around 77.28% returns on a year-to-date basis.