Bitcoin experienced a lackluster weekend with minimal price movements, hovering around the $70,000 mark. Despite a brief increase, the leading cryptocurrency failed to sustain its momentum and retraced back to familiar levels. The market remained relatively stagnant, showcasing little volatility.
Bitcoin witnessed strong ETF inflows last week, marking 19 consecutive days of positive flows. This influx of institutional investment brought some volatility to the market, leading to short-term gains for Bitcoin. However, the asset faced resistance at the $70,000 and $72,000 levels, triggering a bearish reaction that resulted in a sharp price drop.
While Bitcoin struggled to break out of its range, certain altcoins like BNB, NEAR, FIL, and FET experienced notable price drops. Binance Coin, in particular, reached a new all-time high above $700 before retreating to under $650 within the past 24 hours. Other altcoins also showed mixed performance, with some recording insignificant gains while others suffered minor losses.
Despite Bitcoin’s stagnant price action, its market cap remains below $1.370 trillion. However, its dominance over the altcoins has increased slightly to 51.4%. The total crypto market cap has maintained around $2.660 trillion, indicating a relatively stable market environment.
Bitcoin’s price movements have been lackluster, with the asset struggling to break out of its current range. While ETF inflows have brought some volatility to the market, the overall sentiment remains subdued. Altcoins, on the other hand, have shown mixed performance, with some experiencing significant price drops while others remain relatively stable. As the market continues to tread water, investors are eagerly watching for any signs of a breakout or a downturn in the coming days.