The past 24 hours saw the majority of the cryptocurrency market tumble toward lower levels. It’s worth noting that the declines are slight, with a few exceptions.
Bitcoin’s price continues consolidating within the range between $30K and $31K, but it’s getting closer to the former. Let’s dive in.
Bitcoin’s price failed to breach $31K yesterday, and the bears took advantage. They were able to push the price down in a few substantial red candles. It reached as low as $30,200 (on Binance), and is currently trading at around $30,400, for a 1% loss on the day.
It’s worth noting that the increased volatility comes amid this month’s CPI announcement. The Bureau of Labor Statistics published the numbers yesterday, and they clocked in at lower than expected. Bitcoin’s price reacted immediately (as seen in the chart above), but the bulls were unable to sustain the momentum.
The altcoin market has also seen slight declines across the board, with a few notable exceptions. Right off the bat, we can see that Litecoin (LTC) continues to perform well and is up around 3.5% on the day. Chainlink, UNI, BCH, and ETC are the other major altcoins that are trading in the green, albeit ever so slightly.
The coin that lost the most during the day is KAVA, which is down 11% in 24 hours. It’s followed by Algorand and Maker.
On the other end of the spectrum, there’s Kaspa’s KAS, which is up 9.2% in the past day, making it the best performer. This also brings its total weekly gains to 25%. In fact, KAS is the best performer so far during the past seven days as well.
All in all, the market seems to be in a state of consolidation, and the CPI announcement didn’t do much to change it. It’s also worth noting that these prolonged periods of rangebound trading tend to be precursors to larger moves in either direction.
