Bitcoin price had hovered well above the psychologically important threshold for the previous four days. At the time of writing, BTC is changing hands at $21,274.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price dips below $21,000 but recovers
Bitcoin’s four-day winning streak snapped today, with the largest cryptocurrency tumbling below $21,000. Bitcoin was recently trading at about $20,800, down more than a percentage point over the past 24 hours, although still higher than it stood before starting its mini-rally on Wednesday. Market observers see the crypto continuing to trade in the $18,000 to $22,000 range maintained for a month until investors have a clearer sign of whether central banks can lick inflation without casting the global economy into recession.
BTC managed to stay strong, despite the recent gloomy inflation report that affected stocks and other high-risk assets. For now, we remain interested in the bottom of this range regarding Bitcoin’s price and are monitoring for accumulation during this range-bound movement.
“Ethereum has recovered quite well in July, up +29% for the month and +14% alone in the past 24 hours. Additionally, there’s been an increase in the key 1k to 100k ETH address tier since early May, where 131 new whale addresses have popped up on the network”, Santiment reported.
Ether, the second largest crypto by market cap, was recently changing hands at roughly $1,350, flat over the same period. Most other major altcoins were in the red with UNI and AAVE off approximately 2.5% and 3%, respectively.
The overall cryptocurrency market cap stands at $981 trillion, and Bitcoin’s dominance rate is 41.5%.
Read more:
- Bitcoin Price Fell For A Fifth Straight Day, Maybe The Market Has Not Reached A Bottom
- Bitcoin Price Clawed Back Above $20,000 Despite A Hot U.S. Inflation Reading