Bitcoin has experienced an 81-day trading period within a tight price range between $91,000 and $102,000 according to Bitfinex’s Alpha report. Bitcoin demonstrated low volatility through the week by rising only 0.82% while moving between 4.3% of its initial peak value.
Altcoin Performance
The broader cryptocurrency market experienced difficulties in this period because the global altcoin market cap decreased by $234 billion within two weeks. PEPE meme coin suffered a major decline of 46.4% during the last month as market forces pushed its price down.
Market Indicators
Market indicators showed a bearish trend from the Inter-Exchange Flow Pulse beginning on February 15 since June 2024. The indicator shows potential downside risks but stays above its moving average support zone indicating potential price recovery.
Investor Behavior
The current market consolidation period has resulted in short-term investors surrendering a total of $520 million. The market data shows that investors who maintain long-term positions in Bitcoin display confidence about its bullish trend for the future even when conditions are unfavorable at present.
Price Stability
Bitcoin has been consolidating sideways while altcoins are experiencing downside pressure and large fluctuations in price. This highlights Bitcoin’s evolution toward becoming an established asset and less driven by speculation. However traders need strong macroeconomic indicators for substantial market movements.
