Over the past few days, Bitcoin has struggled to gain momentum, failing to break past the $27,000 mark due to low weekend trading volumes.
The altcoin market has also seen limited price movements, with Ethereum (ETH) holding steady above $1,800 and Binance Coin (BNB) surging to over $310.
Bitcoin’s lackluster performance started on Wednesday when it quickly jumped from $27,500 to $28,400 after the release of the US CPI numbers for April. However, the upward trend was short-lived, and the asset dropped by almost $2,000 to a multi-week low of $26,600 on Bitstamp.
Despite attempts by the bulls to push the cryptocurrency back up to $28,000, it faced another rejection, driving it back down to $27,000. As the weekend approached, Bitcoin took another nosedive, falling below $26,000 for the first time in two months.
The overall sentiment in the market has been cautious, with investors waiting for a clear trend to emerge before making any significant moves. In the meantime, Bitcoin remains range-bound, with a break above $28,000 needed to resume the uptrend.
Ethereum, on the other hand, has been showing signs of strength, reclaiming the crucial $1,800 support level and consolidating above it. Binance Coin has also been on the rise, pumping above $310 after gaining over 10% in the past 24 hours.
Over the past 24 hours, PEPE has shown some positive gains, rising by 20%, but it is still down over 30% on a weekly scale. Bitcoin’s dominance over the altcoins remains flat on a daily scale, with a 46.3% market share.
The lack of volatility in the market is causing concern for some traders, as it may lead to an increased risk of a sharp price swing in either direction. However, others see it as an opportunity to accumulate assets at lower prices before the next bull run.
