The cryptocurrency market appears to be in trouble at current levels as the bulls cannot find enough momentum to move forward. Although most of them are posting slight gains, the situation has remained broadly unchanged over the past 24 hours.

Bitcoin struggles around $ 32K

The last day was pretty flat when it comes to trading. The price of BTC has risen by 1.6% and is more or less at the same level as last week.

At the time of writing, bitcoin is trading at around $ 32,400, having rebounded from yesterday’s drop to $ 31,500. It hit an intraday high above $ 33,000, but the last four consecutive 1-hour candles were all red as the bears took control of the short-term market momentum.

btcusd_chart
BTC / USD, Bitstamp. Source: TradingView

Regardless of the above, it is worth noting that the range in which bitcoin is traded is shrinking. The Bollinger Bands, an indicator that measures the standard deviations of the price against an SMA, are tightening. This is a typical precursor to a big move and the last time they were at their current rate was in October 2020. At that time, BTC was trading around $ 10,000, but what followed was a massive breakout to the upside, sending the price at $ 40K in 3 months.

Of course, past events are not indicative of future performance, so it’s important to remain cautious and consider the possibility that there is a huge move in both directions.

Axie Infinity (AXS) 40% more

The altcoin market today is mostly green, even if the gains are relatively insignificant. Most cryptocurrencies experience increases in the range of 1% to 3%, with a few exceptions.

Binance Coin (BNB) is up 5% on the daily to $ 310. Solana’s SOL is up nearly 7% and is testing resistance around $ 30.

On the other hand, DOGE, DOT, ICP and FIL recorded slight decreases of less than 1%.

crypto_heatmap_cover
Heat map of cryptocurrencies. Source: Quantify Crypto

The story of the day, however, is Axie Infinity’s AXS token. It has increased by a whopping 40% in the past 24 hours alone, taking its total weekly increase to over 100%. The coin has risen nearly 600% in the past month, making it one of the best-performing cryptocurrencies in the entire market.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register and get a 10% discount on commissions and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register and enter the POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

LEAVE A REPLY

Please enter your comment!
Please enter your name here