Bitcoin price remained largely flat, while its spot volume reduced further
Bitcoin price late Thursday was mostly flat after falling earlier in the day, while spot trading volume remained muted. At press time, the oldest cryptocurrency is changing hands at $37,391, roughly the same as 24 hours ago. Bitcoin’s trading volume on major centralized exchanges continues to decline from a day ago.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price range-bound as altcoins underperform
Bitcoin was stuck in a narrow range of between $36,000 and $37,000 on Thursday as some analysts remain cautious on speculative assets, including cryptocurrencies, while macroeconomic risks continue to linger.
Recent price jumps in both crypto and equities have stalled, while oil prices approached six-year highs on Thursday. Choppy trading conditions may reflect uncertainty among investors, many of whom typically rotate into less volatile assets during the early phases of a tightening cycle (rising interest rates).
After dropping more than 4% yesterday, Bitcoin selling pressure has mostly disappeared during US trading hours on Thursday although Meta Platforms’ stock price continues to plunge following the results and solid earnings outlook. Facebook’s disappointment before. The sell-off in tech stocks also eased during year-end trading after shares of Amazon.com and Snap jumped on the back of their quarterly results.
“The ratio of positive vs. negative comments about Bitcoin across crypto social platforms had its second-most positive week in three months. And like the last time, crypto markets have dropped”, Santiment stated.
Bitcoin buyers and sellers are at a stalemate, evidenced by low trading volume and muted price action over the past few days. The cryptocurrency is trading in a tight range between $35,000 support and $38,000-$40,000 resistance. Most technical indicators are neutral, which means BTC could remain in a narrow price range going into the Asia trading day.
Buyers have consistently lost ground to sellers given the persistent downtrend since November. Based on the overwhelming selling pressure, the downward-sloping 100-day moving average on the four-hour chart has been a useful gauge of downtrend resistance. Still, initial support at $35,000 could stabilize the current pullback. Stronger support is seen around $30,000, a critical price zone that could determine a shift from a bullish to a bearish price trend.
In the broader cryptocurrency market, most altcoins were also in red on Thursday. Ether, the second-biggest cryptocurrency by market capitalization, was trading at about $2,660, down approximately 1% in the past 24 hours.
Despite Bitcoin staying flat over the past week, many altcoins have quietly crept back and inched toward their pre-slide prices. Particular standouts over the past 7 days include $MANA (+22%), $XTZ (+31%), $MKR (+32%), $QNT (+53%), and $CCXX (+65%).
The overall cryptocurrency market cap stands at $1.724 trillion, and Bitcoin Dominance is 41.1%.
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