The past 24 hours saw the broader cryptocurrency market flatten. Bitcoin’s price seems to be trading in a narrowing range between $70,600 and $69,500, highlighting the ongoing consolidation after a period of heightened volatility.
The majority of altcoins have also been trading relatively flat for the past day, charting insignificant price differences. Could this be the calm before the storm of the new week, or are we in for a period of choppy price action?
Bitcoin Price Flattens at $70K
After a week of severe volatility and billions in liquidated derivatives positions, Bitcoin’s price is now trading relatively flat at around $70,000. At the time of writing, the asset is closer to $71,000, but the volume has left the market, which is somewhat expected for the weekend.
Recall that BTC topped $76K earlier during the week and went on to lose a little bit less than 10% of its value in the days since. This indicates the uncertainty plaguing the broader crypto market as geopolitical tensions continue internationally, especially amid the ongoing war between the US, Israel, and Iran in the Middle East.
Skyrocketing oil prices and fears of growing inflation have pushed risk-on markets into a correction, which could extend into a broader consolidation before any potential recoveries, which would be heavily dependent on the way the conflict resolves in the near future, if at all.
Altcoins Also Uncertain
As you can see in the heatmap below, the altcoin market remains indecisive. The majority of cryptocurrencies have charted insignificant price differences for the past 24 hours, most of them trading in the range between -1% and +1%.
Of course, there are some exceptions from the herd, such as WLFI, which seems to be up more than 4%, but these seem anecdotal, and it’s highly unlikely that they would lead to sustained upwards momentum, at least not in current market conditions.
You may also like:
It’s interesting to see how the market will turn out in the coming week and whether trading volumes will return, but the current state of the altcoin market seems to be heavily reliant on Bitcoin’s performance, which, as stated above, mirrors traditional risk-on markets in most of its patterns.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
