Bitcoin’s recent price movement and trading volume.
Bitcoin (BTC) experienced a slight increase of 1.3% in the past 24 hours, reaching around $27,700 during U.S. afternoon hours. This rise came as traditional markets stabilized and the crypto market settled after a sharp rally on Monday. However, BTC’s initial surge above $28,000 was followed by a partial retracement, and trading volume dropped from $19 billion to $11 billion.
Analysts’ perspectives on BTC’s price and market consolidation.
Analysts from Matrixport, a crypto services provider, observed that BTC broke out from its summer downtrend and established the $27,000 level as a support. They suggested that BTC’s price might be heading towards $30,000. On the other hand, Enigma Securities, an institutional digital asset liquidity and advisory firm, predicted low volatility in the crypto market for the coming months, indicating a period of consolidation.
Performance of the broader crypto market, Ether’s underperformance, and notable gains in AVAX and XRP.
While the broader crypto market, represented by the CoinDesk Market Index, saw a modest 0.8% increase, Ether (ETH) underperformed and slid by 0.7%. Market participants were digesting the disappointing performance of the first futures-based exchange-traded funds in the U.S., leading K33 Research to advise investors to rotate into BTC due to the lack of medium-term catalysts for ETH.
Among major cryptocurrencies, Avalanche‘s AVAX surged by 7%, and XRP rallied over 3% following Ripple’s Asian arm obtaining a license in Singapore and a favorable court ruling.
