Bitcoin
and other cryptocurrencies were little changed on Wednesday with digital asset markets exhibiting their quietest period since early this year—before prices went on to almost double across the next six months.
The price of
Bitcoin
has fallen less than 1% over the past 24 hours to near $29,950, slipping further from the psychologically key $30,000 level and outside the range between $30,000 and $31,000 that has dominated for much of the past month. While the largest digital asset touched $31,700 early last week—in a rally over a key crypto court decision—Bitcoin has since lost momentum and fallen back.
“Bitcoin continues to waver, tentatively falling below the $30,000 level, which is just the June low,” said Edward Moya, an analyst at broker Oanda. “The institutional money is not buying right now and retail is struggling with the current macro backdrop. Bitcoin seems poised to be stuck in a range, which could warrant a slightly further dip towards the $29,500 level.”
Unlike the stock market, where the
Dow Jones Industrial Average
and
S&P 500
have climbed higher in recent days, Bitcoin continues to stagnate and trend downward in what is becoming one of the most uninteresting periods of price action all year.
“The digital asset market continues to see remarkably little volatility,” analysts at crypto market intelligence firm Glassnode wrote in a Monday note. “This is the quietest Bitcoin market since the lull in early January.”
Bitcoin hovered around $16,500 at the start of the year, before going on to as much as almost double in its best first six months since 2019. Crypto bulls will be hoping for a repeat from the current period of stagnation.
Beyond Bitcoin,
Ether
—the second-largest crypto—gained less than 1% to above $1,900. Smaller tokens, or altcoins, were more mixed, with
Cardano
up 2% and
Polygon
losing 2%. Memecoins were muted, with both
Dogecoin
and
Shiba Inu
shedding less than 1%.
Write to Jack Denton at [email protected]
Read the full article here
