Bitcoin Consolidation To $17K May Be Calm Before The Storm
Bitcoin and crypto market twists have led to unexpected changes in almost every asset. Prices have been falling with little or no hope of a reversal. The FTX exchange fiasco intensified performance as more losses have been recorded across the crypto space.
After the events, the price of Bitcoin fell below the critical resistance level of $20K. Since then, the primary cryptocurrency has been falling as its value fell towards the $17K region.
In the last 24 hours, BTC failed to make any significant positive movement. Therefore, the token has decided to consolidate around the $17K level. But there are many doubts about whether a storm may follow this new calm in the future.
Bitcoin calms around $17K
Bitcoin has not been able to trigger enough volatility to push the price higher. The cryptocurrency has stalled around the $17K level during some trading hours. As of yesterday, BTC managed to reach up to $17,424. But the surge could not last long as the bears suddenly took over.
According to data from Binance, the primary crypto fell to a low of $16,867 during the day. However, the coin is gradually climbing upwards. At press time, Bitcoin is trading at around $16,835, indicating a decline. It has a market cap of around $326.81 billion and its dominance over the altcoin is 38.33%.
Over the years, several interpretations have been given for longer periods of reduced volatility. One such is that it stands as a precursor to a massive wave. Therefore, the speculation about Bitcoin’s current consolidation may represent the calm before the storm.
Altcoins in red zone
The crypto market has experienced a general decline as prices continue to fall. With the strong presence of the bears, the altcoins have painted the market red. This downward trend has cut the overall market value more.
At the time of writing, the cumulative market cap is $853.33 billion. It shows a fall of around 1.39% in the last 24 hours.
The performance of the altcoin has not been impressive. Most recorded a decline of between 2% and 6% in the last day.
The worst performers in the last 24 hours are BTSE Token and GMX. While the former fell by 8.3%, the latter fell by over 7.2% in 24 hours.
Other losers include ETH down 3.41%, DOGE down 6.47%, XRP down 2.57%, BNB down 2.38%, MATIC down 3.17%, ADA down 3.11% and others .
However, the market saw only a few exceptions to the move south. The top performers are Axie Infinity’s AXS and Synthetix Network’s SNX. While AXS gained 4.4%, SNX recorded a 5.4% increase in the last 24 hours.
Featured image from Pixabay, chart from TradingView.com
