The world’s largest cryptocurrency, Bitcoin (BTC), has entered a period of heavy consolidation and is trading around $29,000. Investors are not seeing price action as volatility has hit multi-year lows along with other on-chain indicators.
Although Bitcoin has been consolidating for some time, it has actually outperformed the US stock market. On-chain data provider Santiment states that Bitcoin remains range bound at $29.4k and interestingly this stable trend is currently showing better performance compared to stock markets like the #SP500 in August. The shift in correlation that began in mid-July has been historically beneficial for #crypto prices.
Courtesy: Santiment
On Tuesday, August 15, QCP Capital reported that Bitcoin (BTC) price could surge to $34,000 as it sits at a crucial support level. According to QCP Capital, September would be a key month, adding that $29,300 would serve as a specific area of interest. It added:
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Bitcoin and altcoins under pressure, is the market bottom near?
While bitcoin has seen a 0.7% correction over the past 24 hours, altcoins have seen a larger correction, dragging the overall market lower. Santiment notes, “Traders are becoming increasingly complacent in any asset as markets continue to fail a rally. Historically, this high ratio of losing trades versus profit-taking increases the likelihood of a bounce.”
Courtesy: Santiment
Also, a Bloomberg report shows that SEC-impacted cryptocurrencies are experiencing greater trading activity. Although the 19 highlighted cryptocurrencies lost a total of around $20 billion in market value just two months ago due to allegations of illegal securities sales, they are now seeing an increase in trading volume. Their combined trading share has increased by around 2 percentage points to around 13%.
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