Bitcoin Holds Above $29k As Whales Wait For Next Price Catalyst

TL;DR

• Bitcoin is struggling to stay above $29k as it is currently trading at just around $29,200. 

• Whales are content waiting for the next price catalyst as prices have stagnated in recent days.

Bitcoin Stays Above $29k

Bitcoin, the world’s leading cryptocurrency by market cap, has maintained its price above the $29k level. BTC dropped below $29k earlier this week before experiencing a minor pullback.

After rallying to the $29,500 level on Thursday, Bitcoin has lost nearly 1% of its value in the last 24 hours and is now trading just above $29k. At press time, the price of Bitcoin stands at $29,185 per coin.

Bitcoin’s price remained above $29k despite some macroeconomic data from the United States and Japan in recent days. The US Federal Reserve recently increased interest rates, while the Bank of Japan tweaked its yield curve control (YCC) program, shifting the hard cap on the 10-year Japanese government bond yield to 1% from 0.5%.

Bitcoin whales are now content, waiting for the next price catalyst in the market. The last price catalyst in the market was Ripple’s success against the SEC and BlackRock’s Bitcoin ETF application.

With Bitcoin underperforming, the total cryptocurrency market cap has dropped. At press time, the total crypto market cap stands at $1.18 trillion, down by 1% in the last 24 hours.