Bitcoin
and other cryptocurrencies edged higher Friday but remained below key levels. Crypto bulls continue to buy the dip on Bitcoin, providing support during a period of historically stagnant trading.
The price of
Bitcoin
has traded near flat over the past 24 hours at $29,150, firmly below the psychologically important $30,000 level that marks the bottom end of a range up to $31,000 that has dominated the largest digital asset for months.
“Bitcoin continues to demonstrate resilience around the $29,000 support level. A dip below this area on Tuesday prompted a swift recovery, highlighting substantial buying interest in this zone,” said Rachel Lin, CEO of trading platform SynFutures. “The recent decline in volatility isn’t an isolated incident; we’re observing one of the most tranquil periods in the history of Bitcoin and the broader crypto market.”
Little has moved crypto prices in recent weeks, with a lack of volatility coming despite both positive catalysts—anticipation of potential approvals for spot Bitcoin exchange-traded funds—and negative ones, like regulatory woes in the U.S.
It’s possible that Bitcoin could move Friday on the back of the U.S. jobs report, following the
Dow Jones Industrial Average
and
S&P 500.
While cryptos have looked increasingly uncorrelated with stocks, the jobs report could influence the next move from the Federal Reserve on interest rates, which impacts sentiment for risk assets including tokens.
Beyond Bitcoin,
Ether
—the second-largest crypto—was above flat at $1,830. Smaller cryptos or altcoins were little changed, with
Cardano
and
Polygon
both less than 1% lower. Memecoins were more buoyant, with
Dogecoin
up 1% and
Shiba Inu
popping 4%.
Write to Jack Denton at [email protected]
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