Cryptocurrencies Trade Sideways, Bitcoin Steady Near $46,000

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Created by TradeOr

3rd Party Analysis 14 Sep 2021

Key Takeaways

  • Digital currencies mostly hug the flat line early Tuesday as players await the next move
  • Bitcoin keeps stable around $46,000 as crypto bulls aim to push it above consolidation

Cryptocurrencies Sideways Trading Defines Early Tuesday Action

The cryptocurrency market is trading fairly flat in the early trading hours of the session on Tuesday. The price of bitcoin has stabilized just below $46,000 as crypto market players are still unable to decide on the direction of the token.

Over the past few days, bitcoin has traded largely consolidated in the area of $44,000 to $46,500 per coin. On Monday, the flagship cryptocurrency reached a session high of $46,800, or a 4% daily gain. Upside momentum, however, waned in the second half of the day and the price slipped from its session high, closing the day just above the flat line.

Bitcoin finished the first trading day with modest gains near $45,200 per coin.

While the original digital currency is holding steady in its four-day range, bitcoin bulls are aiming to get enough buying effort to push the price above the $50,000 milestone for yet another time.

Strong Resistance at the $50K Milestone

The $50,000 level has been a tough level to crack for bitcoin enthusiasts. Several times has the crypto community attempted to climb over the threshold only for bitcoin to revert under it.

Most recently, in a healthy move up last week, the price of bitcoin advanced to almost $53,000 but then a crypto flash crash erased about 10% from its value in a single day.

In other cryptocurrencies, ether today is seeking to pare some of its losses from Monday. The second-largest token by market value is currently hovering near $3,300, with a gain of about 1% on the day.

The Walmart Effect in Litecoin’s Price

Litecoin on Monday surged 20% on rumors that Walmart, the biggest retailer in the US, would accept Litecoin for payments from its customers.

The cryptocurrency quickly came back to earth once Walmart spokesperson confirmed the press release was not authentic. Litecoin is currently trading near $180 per coin, down about 1% on the day.

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