The sideways Bitcoin action for the last couple of days has led to a stationary crypto market, with most token prices displaying very little volatility.
Volatility in the crypto market, especially in Bitcoin, has sharply fallen. The resultant sideways Bitcoin action has taken the lead since July 30. However, on a positive note, bearish pressures on the market are also not dominant. Except for minor corrections in token prices, no big dip has been seen.
The US Fed meeting could have also had a role to play in the static crypto market. Moreover, the US Fed meeting also resulted in holding the current interest rates, indicating a status quo. This might have broadly translated to neutral sentiments in the crypto market. At the same time, traders and investors may also be expecting a rate cut in September, which could boost the crypto market.
Bitcoin has now seen revised support levels but is below the $65,000 mark. Meanwhile, it is still trading above its 20-day moving average, which is a good signal. Almost all trading indicators in the market are hinting at subdued catalysts, with neither bulls or bears having the upper hand.
Moreover, BTC’s price range has been stuck between $63,000 and $69,000 for over ten days. This could be the new ‘normal’ range for BTC until a major bullish trigger induces a rally. The broader price trend faces stiff resistance around $70,000.
BTC/USD 1D price chart
Bitcoin is currently trading at around $64,400 on August 1, 2024, with BTC/USD trading lower by a margin of around 2% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 63,000), as BTC’s 24-hour volume was at approximately $35 billion. The global crypto market cap decreased by around 3%, trading above $2.3 trillion. BTC’s year-to-date returns are above 53%.
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