Bitcoin Trading Flat As A Result of Consolidation Yet Again

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The flat bitcoin was yet again in a holding pattern as traders take the cautious route. The crypto’s largest coin remained in a holding pattern as it consolidated between $8200 and $8300.
Along with Bitcoin, the crypto market remained range bound with the crypto market trading flat for the week.

Consolidation Leads to Flat Bitcoin

With the Bitcoin trading flat today, the market was optimistic but at the same time cautious. It eventually ended up with slight bump to $8300 before retreating to $8230.
The move of the flat bitcoin lacked the momentum to push it past the resistance levels but is a sign of bearish strength. Furthermore, the strong trading volume of the Bitcoin is a clear sign of gains in the future for the bitcoin.

The Crypto Market Caught in the Bitcoin Consolidation

The market capitalization of the crypto market traded within range as it went along with the consolidation of the flat Bitcoin. The market capitalization has been range bound at $250 Billion.
Outside of the main coins, there is very little movement which does not allow for any momentum to build up. Aside from the Bitcoin trading flat, the coins in the market lost ground and ended up in the red today.
The second largest coin, the Ethereum was down 1.5%. On the technical side, the Head and Shoulder formation is concluding and this could mean a break from the Ethereum following the bitcoin movement and could open the coin for more losses.

Coins Trade in The Red

The largest losses of the coin came from the Litecoin and the Binance coin which both lost 3% for the day. This is likely a retracement from the gains it enjoyed this past week.
Aside from the Bitcoin trading flat, the only coins in the top ten to show any strength in todays trading is connected to the Bitcoin. Both the Bitcoin Cash and Bitcoin SV saw a rise with 2.5% and 3.5% respectively.
Outside of the main coins, there is very little movement which does not allow for any momentum to build up.
Aside from the Bitcoin trading flat, the coins in the market lost ground and ended up in the red today.

Ethereum Breakaway from Bitcoin With Losses

The second largest coin, the Ethereum was down 1.5%. On the technical side, the Head and Shoulder formation is concluding and this could mean a break from the Ethereum following the bitcoin movement and could open the coin for more losses.
The largest losses of the coin came from the Litecoin and the Binance coin which both lost 3% for the day. This is likely a retracement from the gains it enjoyed this past week.
Aside from the Bitcoin trading flat, the only coins in the top ten to show any strength in todays trading is connected to the Bitcoin. Both the Bitcoin Cash and Bitcoin SV saw a rise with 2.5% and 3.5% respectively.

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