Though BTC successfully held on to $26000, the crypto market traded with relatively neutral crypto trading indicators, with an overall static value.
The crypto market began the week on a flat note. Analysts pointed to the neutral sentiments prevailing in the market, which could have led to the movements. Crypto trading indicators were also muted, signally towards tighter liquidity in the days ahead.
The market looked squeezed out in the last 24 hours, with volatility inching lower than the previous week. Immediate resistance for Bitcoin has formed at $26200, while its support was firm at $26000. According to experts, such a narrow trading range could only mean something.
Firstly, bulls await further progress from macro indicators before going long on crypto. It has provided the minimum support to Bitcoin in the last few days. Secondly, bears could also be going through anxious trading sessions with the weekend seeing green shoots from Bitcoin. The latter could be a positive trigger point for the crypto market.
For the short term, price stability could be the only goal for Bitcoin. Once it consolidates and gains support, a rally could resume.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26080 on August 21, 2023, with BTC/USD trading higher by 0.8% in the last 24 hours. BTC/USD is trading lower than its 20-day EMA (28,899.32) as BTC’s 24-hour volume increased to around $10 billion. Bitcoin has seen around 57.30% returns on a year-to-date basis.