Bitcoin Stays Around $26k As Market Remains Undecided On Next Direction

TL;DR

• Bitcoin continues to trade around the $26k level as investors remain undecided on the market’s next direction. 

• The total crypto market cap remains above the $1 trillion mark.

Bitcoin Hovers Around $26k

Bitcoin, the world’s leading cryptocurrency by market cap, has maintained its price above the $26k level at the start of the Asian market on Tuesday. BTC is up by less than 1% in the last 24 hours and is currently trading at $26,062 per coin.

This performance comes as the market remains undecided on the next direction following BTC’s price crash earlier this month. BTC lost more than 10% of its value earlier this month, dropping from the $29k level to trade below $25k for the first time in months.

On Monday, BTC fell as low as $25,886 on major cryptocurrency exchanges before recovering to stay above $26k. 

Polkadot (DOT) and Avalanche (AVAX) are the best performers amongst the top 20 cryptocurrencies by market cap, adding more than 3% to their values over the last 24 hours. 

Despite staying above $26k, market analysts still believe that Bitcoin’s bigger picture remains bearish in the near term. FxPro trader Alex Kuptsikevich told CoinDesk that;

“The technical picture for Bitcoin remains bearish on weekly timeframes, as the price is below its 200-week average and outside of its ascending channel. The most likely short-term outlook is for a decline to the $23.9-24.6K region.”

The total cryptocurrency market cap remains above $1 trillion despite losing more than 8% of its value since the start of the month.