Bitcoin Flat, Trades at Weekend Levels Near $31,500

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Created by TradeOr

3rd Party Analysis 19 Jul 2021

Key Takeaways

  • Bitcoin and altcoins remain calm after a weekend of flat trading
  • The crypto market awaits a price catalyst that would put digital assets out of slumber

Bitcoin Flat

Bitcoin and other digital tokens on Monday are trading relatively flat and little changed. The digital asset market has entered a dry spell that has defined the price behavior of major cryptocurrencies, including bitcoin.

The crypto ecosystem went into a dormant mode of trading prior to the weekend. Bitcoin’s closing price for the last four days has been pinned between $31,700 and $31,500. The couple of hundred dollars of price deviation is driven by the lack of key events that would ignite another round of buying among the crypto faithful.

On Monday, bitcoin maintains its rangebound trading as the price floats just under the $31,500 mark. Since bitcoin reacted to strongly bearish news in mid-May, the flagship cryptocurrency has been stuck in a range between $30,000 to $40,000 per token. Prior to that, bitcoin reached an all-time high of $64,800 on April 14.

Ether, the second most expensive token by market value, is also trading relatively unchanged during today’s session. The coin linked to the Ethereum blockchain has been trading sideways, gravitating toward $1,900 for a fifth straight day today.

The Crypto Market Awaits a Catalyst

Bitcoin and the entire crypto space were hit by heavy setbacks in recent months. China’s ban on trading and mining near the end of May, accompanied by lingering concerns over high energy consumption used to mine coins has tilted the market sentiment to the downside. Moreover, regulatory pressures by governments and central banks’ efforts to launch their own digital currencies have further hampered the progress of the digital asset sector.

Still, in signs of returning interest to the crypto market in recent weeks, several institutional investors, including Andreessen Horowitz and Marshall Wace, have confirmed they’re preparing to dive into the cryptocurrency market. In addition, Jack Dorsey’s mobile payments company Square is set to launch a decentralized finance (DeFi) platform that will be built on Bitcoin. It will aim to provide the ground for developers to create non-custodial, permission-less, and decentralized financial services.

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