The cryptocurrency market has remained dormant over the past few weeks, with prices hovering near their lows. Bitcoin, Ethereum, and other major cryptocurrencies have seen little to no movement in terms of price action. The lack of volatility in the markets is a sign that investors are uncertain about the future direction of crypto — and the market is looking to find its footing.
As of now, the price of Bitcoin is fluctuating slowly while consolidation within a narrow range with low volatility occurs. Resistance levels are being tested and if rejected, BTC prices may well dip further. Nevertheless, a breakout could spark an upward surge in value.
Litecoin is one of the top performers of the week, gaining by over 8% in the last 7 days while Neutrino USD USDN and Stacks remain in the red with losses of 5.61% and 3.30%, respectively.
Overall, trading volume remains low across the board while the market cap declines to $810 billion.
Bitcoin price analysis
Over the past several months, Bitcoin has consistently struggled to remain above its 50-day and 100-day moving averages. Its most recent attempt at breaking through the $18K threshold of the 50-day moving average was met with rejection before dropping off again, yet it still persists in trying to break that barrier. Bitcoin is trading at $16,845.41 and is trading in a narrow range just above its long-term support of $16,000.
Although the 50-day MA is still a challenge, price momentum has been weak due to low trading activity and demand. To spur a bullish rally, confidence must be restored in the market.
Here, the MACD indicator presents an especially compelling case: soon it is predicted to turn green and indicate a bullish sign for BTC in the short term. This could potentially help propel BTC above its 50-day moving average.
Documenting Bitcoin, a market tracker and analyst based on Twitter has Bitcoin’s trading price at Christmas period since its debut in 2008. BTC has been on a steady incline. Bitcoin is down by 66.8% from last year’s Christmas trading price.
Ethereum price analysis
Ethereum price analysis reveals ETH is trading at $1,219.17, up by 2.99% over the past days. It is trading in a narrow range mostly above its long-term support of $1,000. Ethereum is attempting to break through resistance from the 50-day and 100-day moving averages. To do so it must first breach the $1,300 mark.
Currently, the MACD indicator is showing some signs of bullish momentum and could potentially give ETH the boost it needs to break through the resistance.
In conclusion, the overall crypto market is trading close to its lows, with prices hovering around the same range. Bitcoin is attempting to break through resistance while Ethereum is testing a crucial support level. Trading volumes remain low across the board and market sentiment remains weak as investors assess their options in this dynamic sector.
