After a sudden upswing due to positive macroeconomic factors, crypto moved back to trading in tight ranges, with Bitcoin especially being stagnant.
After witnessing a weekend where Bitcoin stayed above $27000 with solid support, traders saw a period of low volatility take over the market yet again. Crypto moved back to having neutral trends without a push by either bulls or bears.
A few analysts have expressed concern over the current situation, as bears could find an opportunity if the $26600 level gives away. With investors unwilling to pump in support, the crypto market could be expected to trade sideways for a few more days.
Experts have observed that the current trading range of BTC has been continuous for a couple of months. While on certain occasions, it bid to cross $30000 or dip to $25500, the constant trading range has been between $26000 and $29000.
Several analysts have been positive regarding the above situation, with many claiming crypto to have obtained a favorable position with various investors as an ‘alternative hedge’ to inflation compared to other assets. BTC has shown much higher returns in 2023, which has been a glimmering hope for further movements.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26800 on June 5, 2023, with BTC/USD up by around 0.2% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (27,071.99) as BTC’s 24-hour volume stayed at around $10 billion. Bitcoin has seen around 61.82% returns on a year-to-date basis.