Hassan Maishera
TL;DR
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BTC is trading below $42,700, down by 1% in the last 24 hours.
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Altcoins are also underperforming as the broader market continues to consolidate.
BTC Losses 1% of its Value
The cryptocurrency market has been ranging since the start of the week, with neither the bears nor the bulls in full control.
Bitcoin is down by 1% over the last 24 hours and is currently trading below the $42,700 level. The poor performance is consistent with what Bitcoin has been experiencing over the last couple of days.
It's been a week since spot Bitcoin ETFs began trading in the United States and Bitcoin has lost more than 8% of its value since then. At the moment, the market’s next direction remains unclear.
If the bearish momentum persists, Bitcoin could touch the next support level around the $40,600 region. However, if the bulls regain control of the market, Bitcoin could make a move to the $46,900 resistance zone.
With Bitcoin underperforming, altcoins have also been recording losses. Ether, the second-largest cryptocurrency by market cap, has lost 1.5% of its value in the last 24 hours and now trades at $2,531 per coin.
ADA and BNB are the worst performers amongst the top 10 cryptocurrencies by market cap, losing roughly 3% of their values so far today.
With the market underperforming, the total cryptocurrency market cap has dipped by 1% and now stands at $1.68 trillion.
