Bitcoin Still Trading Above $26k As The Broader Market Stagnates

TL;DR

• Bitcoin continues to trade around the $26k level and has stabilized following last week’s major price dump.

• The broader crypto market has stagnated since the start of the week, with little to no major catalyst to affect prices.

Crypto Market Stabilizes Despite The Recent Bearish Sentiment

The cryptocurrency market has generally stabilized this week, with the prices of most cryptocurrencies stagnating over the past few days.

After losing more than 10% of its value last week, Bitcoin’s price has stabilized so far this week. Bitcoin has maintained its major resistance level around the $25,700 level and is currently trading at $26,034 per coin.

The market stability can be attributed to the lack of a catalyst that could push prices higher or drive them lower. Investors are eagerly awaiting the next Fed interest rate decision to understand how the market will work in the short term.

The total cryptocurrency market cap still stands at $1.05 trillion, down by less than 1% in the last 24 hours.

Ether, the second-largest cryptocurrency by market cap, is underperforming compared to Bitcoin. ETH has lost 1.5% of its value so far today and risks dropping below the $1,600 level in the near term.