The low volatility in the market has led to a wave of crypto range trading, but analysts have raised calls for buying more Bitcoin during this period.
The delay in the crypto spot ETFs has continued the spate of low volatility in the market. The stagnant movements could have persisted due to higher expectations for the ETFs. At this time, investors and traders have adopted cautious moves in navigating it. As a result, a flow of crypto range trading has swept the market.
Most crypto tokens saw minimal changes in their value in the last 24 hours. The overall crypto market cap was also stable, without much sway. Bitcoin’s value has remained almost unchanged throughout the present sentiments.
At such a time, a few analysts have raised calls for buying more BTC. K33, a crypto research firm, has released a bullish report on the crypto market. They claimed the market undermined the crypto spot ETFs.
“This is, by all accounts, a buyer’s market, and it’s reckless not to aggressively accumulate BTC at current levels,” said the analysts. They believe ETH could outperform Bitcoin in the short term. The recent gains in stock markets could also benefit crypto, they said.
BTC/USD 1D price chart
Bitcoin is currently trading at around $25700 on September 6, 2023, with BTC/USD trading higher by 0.2% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (27,029.79) as BTC’s 24-hour volume stayed around $10 billion. Bitcoin has seen around 55.20% returns on a year-to-date basis.