Bitcoin Price Paralyzed Around $26K, Market Searching for Direction (Market Watch)

The past few days have been completely devoid of volatility, and the market is undeniably searching for direction. The trading volume is also on the low, while most cryptocurrencies have remained entirely flat for the past 24 hours.

Bitcoin Price Stagnates Below $26K

To say there’s been no action during the past day would be an understatement, as it can clearly be seen in the chart below.

Source: Binance via TradingViewBitcoin’s price has already erased all the gains that were charted previously because of optimism around a potential approval of a Spot BTC ETF. The news could only do so much, though, and now the sentiment is back to being depressing.

The price is stuck below $26K, and during the past 24 hours, the bulls did little to change that. The bright side is that there’s no selling pressure on behalf of the bears, too, if you can call that a bright side.

Altcoins Also Paralyzed

The overwhelming majority of altcoins have also been completely unable to produce any action throughout the past 24 hours. This is clearly seen in the heatmap posted below.

Source: Quantify CryptoAlthough it’s colorful, as you can see, most of the price differences are in the range between 0% and 0.5%, highlighting the lack of volatility in the market recently.

Of course, even on days like these, there are some exceptions. Synthetix Network (SNX) saw a massive increase of 11% in the past 24 hours, followed by Kaspa’s 9%.

On the other end of the spectrum, Mantle (MNT) seems to be today’s worst performer, down by over 5%.

Meanwhile, if you want to know more about:

• When will Bitcoin’s price rally?
• What is Shiba Inu’s most recent major milestone?
• Which exchanges recently expanded support for XRP?

Please take a look at our most recent Crypto Bits recap here.