The Bitcoin market hasn’t changed much; trade is still sluggish, and a definite bear trend hasn’t yet made a strong entry.
On Friday, Bitcoin kept bouncing off the $31,000 level of support as new data emphasized the significance of the present price levels.
No Journey for $42,000?
BTC/USD frequently tested $31,000 on Friday, according to data from Cointelegraph Markets Pro and TradingView, but has not yet crossed that threshold.
Unsourced allegations that Bank of America had authorized Bitcoin futures trading sparked a late rally to close to $32,000 at that point.
Trader Michal van de Poppe noted on Thursday that $31,000 was sort of a final frontier for Bitcoin; lose it, and $29,000 or perhaps $24,000 would logically be next. Market players had conflicting ideas about short-term prospects.
Also uncertain about himself, that day was fellow trader Crypto Ed. He had suggested earlier in the week that Bitcoin may make an unexpected comeback and reach its range highs of $42,000 before reverting downward once more to test $30,000 support.
At the same time, fresh data revealed that at the current price levels, there has been a significant amount of on-chain activity.
9.93% of the total Bitcoin supply changed hands between $31,000 and $34,300, clearly a region of interest for buyers and sellers, according to the on-chain monitoring tool Glassnode.
The $30,000 mark has already been mentioned by Cointelegraph as being significant to both minor and major traders, whose conduct has recently changed from a sell to a buy.
Altcoins Suffer from Mediocre Sentiment
As the week came to a close, an examination of altcoins brought home the absence of optimistic enthusiasm on cryptocurrency markets.
In the absence of price triggers, the majority of the top 50 tokens by market capitalization experienced losses greater than those of BTC/USD, up to 12%.
The biggest altcoin, Ether, was moving toward a critical support area of its own, about $1,800. Van de Poppe stated in a YouTube post on Thursday that the beginning of a fresh accumulation period was now quite plausible before volatility returned.
Altcoins’ problems were made worse by bitcoin’s increasing dominance, which reached 46% for the day.