Bitcoin has in the last couple of days climbed back above $10,500. This was followed by a rally above $11K during the weekend. But, strong resistance has prevented it from staying above $11K. On Sunday, Bitcoin breached the $11K position but the win was short-lived.
In the late hours of the day, Bitcoin slipped back dropping as low as $10,400. At the time of press, the asset seems to be settling on a tight price range of $10,350 and $10,600.
Bitcoin’s movement at the start of the week is largely sideways. Like most cryptocurrencies, Bitcoin is recording marginal drops of less than 1%. Notably, trading volume has dramatically dropped. Is this a sign of bullish momentum dying?
Time To Consolidate
At the time of press, Bitcoin’s trading volume has dropped to around $15 billion. This is half of what it was a few weeks ago when its bullish momentum was fully bullish. Bitcoin’s dominance also seems to have taken a hit at the start of the week, this has dropped to nearly 65%.
This change follows a great performance by altcoins last week, a single sign that the altseason could be coming back. The bulls look like they have stepped back after a long battle with the bears last week. This could be a time to consolidate before making the next move. Although prices seem to be stable, allowing for some much-needed overview of the future, the bull’s absence could see the bears creep in.
Altcoins Also Posting Marginal Drops
Altcoins are also sharing the same fate as Bitcoin. In the last 24 hours, many have recorded marginal losses. This is ranging from 0.50% to 4%. They have also seen trading volume drop in the last 24 hours.
Ethereum, which has been consistently positing daily trading volume of over $10 billion, is at the time of press below $6.5 billion. XRP, on the other hand, has dropped below $1 billion.
In the hours to come, we could begin to see more substantial movement in the market. But unlike in the past few months, the positive movement could very well be triggered by altcoins. Last week’s surges were being triggered by altcoins led by Binance Coin, Litecoin, Ethereum, XRP, and Tron. In the new week, we could see them play a major role in pushing the market up.