Bitcoin, Cryptocurrencies Mildly Higher to Start the Week

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Created by TradeOr

3rd Party Analysis 12 Jul 2021

Key Takeaways

  • Bitcoin and other digital asset moderately higher to kick off the week
  • The flagship token is still waiting for a price catalyst that would fuel another run higher

Cryptocurrencies Mildly Higher to Start the Week

The cryptocurrency market led by Bitcoin is moderately to the upside on Monday as crypto traders and investors prepare to enter this week’s action. Trading is rather muted and lower volumes seem insufficient to produce a solid move to the upside.

Bitcoin remains in the green for today, currently hovering around $33,900, up about 1% on the day. The leading cryptocurrency had a relatively calm weekend where price fluctuated near unchanged levels. However, the coin still managed to turn positive by Sunday, up nearly 2.5%.

The continuation of the positive sentiment on Monday came as crypto participants awaited the next solid buy signal that would allow the rally to gather new upside momentum. As traded volumes increase, so does the volatility in the most traded cryptocurrencies in the market.

Bitcoin, for the past three days, has been able to hold above the $33,000. While ether has hovered over $2,000 for the same period. Over the course of the last seven days, however, both digital currencies are trading in negative territory, down by almost 2%, and 8%, respectively.

Tokens Ready to Climb

Many cryptocurrency proponents consider the calmness and flat trading that is now seen in the digital asset space to be a sign that the market correction has bottomed and tokens are ready to embark on another leg up.

Bitcoin’s recent price crash that erased about 50% of its value, would be a challenge for bulls as they would need to push the price higher by over 90% in order to climb back to the all-time high of $64,800 in mid-April.

Still, previous selloffs have had a far worse outcome for Bitcoin. Three times in its rather short history, the digital currency has seen its market value drop by more than 80%. A depreciation that has successfully been pared as crypto players have stepped up their efforts every time in order to maintain the volatile but upward-looking trajectory of the orange coin.

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