The cryptocurrency market appears to be struggling at its current levels as bulls fail to find enough momentum to push forward. While most of them are charting mild gains, the situation remains largely unchanged in the past 24 hours.
The last day was rather flat when it comes to trading. BTC’s price is up 1.6%, and it’s at around the same level it was last week.
At the time of this writing, bitcoin is trading at around $32,400, having bounced from yesterday’s drop to $31,500. It reached an intraday high above $33,000, but the last four consecutive 1-hour candles were all red as bears took control over the short-term market momentum.
Irrespective of the above, it’s worth noting that the range bitcoin is trading in is tightening. The Bollinger Bands – an indicator measuring the price’s standard deviations relative to an SMA – are squeezing. This is a typical precursor to a large move and the last time they were at their current rate was back in October 2020. At the time, BTC was trading around $10k but what followed was a massive breakout to the upside, sending the price to $40K in 3 months.
Of course, past events are not indicative of future performance, so it’s important to remain cautious and factor in the possibility that a huge move in either direction is in the cards.
The altcoin market is predominantly green today, though the gains are relatively insignificant. Most cryptocurrencies are charting increases in the range between 1% and 3%, with a few exceptions.
Binance Coin (BNB) is up 5% on the daily, sitting at $310. Solana’s SOL is up almost 7%, and it’s testing the resistance around $30.
On the flip side, DOGE, DOT, ICP, and FIL are charting mild decreases of less than 1%.
The story of the day, however, is Axie Infinity’s AXS token. It’s up a whopping 40% in the past 24 hours alone, bringing its total weekly increase to more than 100%. The coin is up almost 600% in the past month, making it one of the best performing cryptocurrencies throughout the entire market.
