Bitcoin Could Slip Below $29k Soon As The Market Remains Choppy

TL;DR

• Bitcoin continues to trade above the $29k level but could dip lower in the near term.

• The market has been choppy over the past few days, with Bitcoin still unable to touch the $30k level.

Bitcoin Lingers Around $29k

Bitcoin, the world’s leading cryptocurrency by market cap, is trading just above the $29k level. At press time, the price of Bitcoin stands at $29,020, down by less than 1% over the past 24 hours.

The market has been choppy over the past few days, and the trend might continue in the near term. There is no major catalyst that could drive Bitcoin’s price lower or push it higher as investors continue to wait for ETF decisions from the United States Securities and Exchange Commission (SEC).

The market has been stablecoin despite Curve Finance’s recent hack. Some market experts still believe that Bitcoin and other major cryptocurrencies could experience a major breakout soon.

Ether, the second-largest cryptocurrency by market cap, has also maintained its price above the $1,800 level. Joe DiPasquale, CEO of BitBull Capital, said in a note that;

“Another week of relative stability for BTC and ETH bodes well for bulls. There have been some developments in the space, ranging from the Curve hack to more altcoin mania on Base. The market has, however, not reacted too harshly, and ETH has managed to defend $1800.”

The cryptocurrency market lost $100 million over the weekend. The total cryptocurrency market cap stood at $1.17 trillion on Friday but currently stands at $1.16 trillion.