Bitcoin (BTC) is stagnant around $33,000 – 34K as trading volume remains low. All eyes are on the upcoming massive unlocking of GBTC shares.
The quiet weekend continues in the Bitcoin market as the crypto asset is stuck in a tight range of $33,000 to $34,000. Most alternative cryptocurrencies perform similarly with small moves in both directions.
Bitcoin market at $ 33,500
Bitcoin tested $35,000 during the workweek but failed to surpass it and sellers pushed btc south. In a matter of days, the coin has dropped nearly $3,000 and hit a two-week low of just over $32,000.
However, shortly after the bulls entered the game, the trajectory reversed. This time, BTC rallied above $34,000 as reported yesterday.
After pulling back several hundred dollars, the primary crypto launched another unsuccessful attempt to steadfastly surpass $34,000. The subsequent rejection, however, dropped it to $33,000.
At the time of writing these lines, bitcoin has recovered somewhat and is hovering just above $33,500.
Trading volume is still low, which some analysts attribute to the upcoming opening of GBTC shares. As previously reported, it will be the largest unlock in Grayscale’s history, with some expecting to increase volatility once again.
Altcoins are also unusually calm
Looking at the altcoin space on a 24-hour scale, the situation is somewhat similar to the first coin. Ethereum is at $2,100 after a minor decline.
Cardano, Ripple, Polkadot, and Bitcoin Cash all have marked price drops. Dogecoin is the most withdrawn altcoin from the top ten, down 3%. As a result, DOGE is trading just above $0.21.
Uniswap (-2.2%) is close to falling below $20 while Solana corrected more than 4% to drop below $32. Binance Coin and Litecoin are two slightly green tokens.
Alt and mid-cap altcoins are also unexpectedly calm. Stacks was the only coin to make double-digit gains and was trading at $1.40.
By contrast, Telcoin was among the top losers (-14%), followed by Revain (-10%), Axie Infinity (-8%) and Huobi Token (-6%).
The cumulative market cap of all crypto assets remained below $1.4 trillion.