Bitcoin was traded in a narrow range ranging between $ 95880 and $ 97,206 today, as traders continued to be careful before issuing major economic data this week.
The market activity was silent, as the market value of the cryptocurrency constantly was held more than $ 3.34 trillion.
The trading feelings were neutral when writing, with fear and greed index in 51, a decrease of three points from the previous day.
The Altcoin market reflects the whipped bitcoin movement, with a handful of the top of Altcoins in green, although only one registered gains.
Why bitcoin decreased today?
Bitcoin’s lack of momentum today is largely associated with total uncertainty and cautious circulation before the main economic data.
With the Federal Reserve Lecturer to enhance the hawk position, traders retain any signals that can pay expectations beyond the way.
The continued inflation has already changed feelings, as the markets have now seen no chance to reduce the march rate – only 2.5 % possibilities according to the Fedwatch tool for CME.
This means that the most comprehensive liquidity conditions can adhere to a longer period than expected, which tends to decrease in risk appetite across the markets, including encryption.
In addition to uncertainty, many major federal reserve officials are scheduled to speak this week.
If their dialect is in line with the cautious federal reserve approach, this may lead to more uncertainty and maintain Bitcoin installed in its current range, according to many critics in the market.
One thing that emphasizes the current fear in the market is the latest data on investment flows in encryption.
Digital asset funds witnessed $ 415 million of external flows during the last trading week, as Bitcoin led the sale of $ 430 million in external flows, according to a report issued on February 17 from Coinshares.
James Bouteville, head of Coinshares Research, attributed external flows to total economic concerns, especially the comments of the Federal Reserve Chairman Jerome Powell on price cuts, along with high inflation data from last week.
What is the following for Bitcoin?
According to some experts, the current scenario can put Bitcoin in a large gathering in the coming weeks.
A recent report from Cryptoquant shows that the demand for Bitcoin is still high despite its poor performance during the past week.
According to Darkfost analyst, the 30 -day moving average (DMA) refers to external exchanges and flow that Bitcoin suffers from the first “high demand” stage since the end of the 2022 bear market.
Historically, when this scale enters a high -order area, bitcoin has often seen a short -term upward step, drew dwarfost.
If this trend continues, BTC may be prepared for hacking as soon as it reduces the uncertainty that the macro moves and traders restore confidence.
Some analysts have also published bullish goals for Bitcoin this week.
According to the TRACER CJ analyst, Bitcoin can look at $ 102,000 as a roof of BTC prices in the short term, with a potential fabric of $ 105,000 if the momentum is built.
According to the corresponding graph of Bitcoin, the analyst in a local domain, with a major support ranging between 95,200 dollars and $ 9,200.
He pointed out that sweeping liquidity in this region can lead to a higher low formation, which paves the stage for ascending pushing.
In a similar note, the encryption world, another analyst, expects Bitcoin to press up, and target the 105,000 dollar area.
It has highlighted the main support level on the current price range, indicating that Bitcoin maintains the formation of a similar triangle.
If the price procedure respects this structure, the collapse may be about $ 105,000 is the next possible step.
When writing, Bitcoin has been trading 7.96 % lower than expected at 96,637 dollars, a decrease of 0.4 % in the past 24 hours.
Altcoin market summary
The altcoin market has continued to improve during the past day, as the Altcoin season increased by 5 points to 40 since yesterday.
However, most gains were limited to one numbers, as the total maximum of the Altcoin market increased by 0.49 % to $ 1.436 trillion.
The best performance for today was:
Sonic
Sonic (S) increased more than 15 % last day amid the high trading volume.
At the time of writing this report, trading volume increased by 117 %, while the market ceiling reached about $ 1.9 billion.
source: Coinmarketcap
Today’s gains were operated in the first place after financing the Defi protocol, and went directly to Sonic Blockchain.
With this, traders can now block assets like Frax Stablecoin to Sonic Blockchain.
The momentum was reinforced after reports that the Blockchain network has exceeded competitors to become the fastest chain in terms of maximum theoretical TPS, according to Chainspect data.
AAVE
AAVE (AAVE) has increased more than 8 % over the past 24 hours, while trading volume increased by 162.35 %.
The market value of more than 7.9 % increased slightly during the same period, which puts it at $ 4.14 billion.
source: Coinmarketcap
AAVE gathered to the highest level during the day 277 dollars, reaching the last time levels during the first week of February.
Although there was no clear reason behind the Altcoin gathering today, some analysts noticed that AAVE was recovering after reaching a local bottom.
There was also a great demand for AAVE in the derivative market, as the open interest increased by 25.54 % over the past 24 hours.
In addition, the long/short percentage remained higher than 1, indicating that more traders were defining the upward trend.
Cardano
Cardano (ADA) gathered for more than 6 % today to reach the highest level in seven days of $ 0.8262, praising the weekly gains to more than 17 %.
Its ceiling on the market was slightly more than $ 29 billion at the time of the press, while trading with trading volume is 24 hours of $ 835.5 million.
source: Coinmarketcap
Ada continued to take advantage of the noise about the chances of a possible Caradano ETF site in the United States, which was approved under the current administration.
Bitcoin Trades Range, and AAVE Lead Altcoin first appeared on Invezz
