Bitcoin Stalls at $33K in Anticipation of Critical GBTC Week (Market Watch)
Bitcoin’s calm weekend continues as the asset has stalled in a tight range between $33,000 and $34,000. Most alternative coins are performing similarly with minor moves in either direction.
Bitcoin Stalls at $33.5K
Bitcoin tested $35,000 during the workweek but failed to breach it, and the bears pushed it down south. In a matter of days, the cryptocurrency fell by nearly $3,000, resulting in a two-week bottom of just over $32,000.
Nevertheless, the trajectory reversed shortly after as the bulls came to play. This time, BTC spiked above $34,000, as reported yesterday.
After retracing by several hundred dollars, the primary crypto initiated another unsuccessful attempt to overcome $34,000 decisively. The subsequent rejection, though, drove it down to $33,000.
As of writing these lines, bitcoin has recovered some ground and stands around $33,500.
The trading volume is still low, which some analysts link to the upcoming unlocking of GBTC shares. As reported before, it would be the largest unlocking in Grayscale’s history, which some expect to enhance the volatility once more.
BTCUSD. Source: TradingView
Untypically Calm Alternative Coins
Looking at the altcoin field on a 24-hour scale, the situation is somewhat similar as it is with their leader. Ethereum has slid below $2,100 after a minor drop.
Cardano, Ripple, Polkadot, and Bitcoin Cash have all marked slight price declines. Dogecoin has retraced the most from the top ten with a 3% dip. As a result, DOGE trades just north of $0.21.
Uniswap (-2.2%) is close to breaking below $20, while Solana has corrected by more than 4% to beneath $32. Binance Coin and Litecoin are the only two tokens slightly in the green.
Cryptocurrency Market Overview. Source: Quantify Crypto
The lower- and mid-cap altcoins are also unexpectedly calm. Stacks is the only double-digit gainer, and it trades at $1.40.
In contrast, Telcoin has lost the most (-14%), followed by Revain (-10%), Axie Infinity (-8%), and Huobi Token (-6%).
The cumulative market capitalization of all cryptocurrency assets has remained just shy of $1.4 trillion.