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Bitcoin (BTC), the largest cryptocurrency, continues to lag, failing to pique market interest. Since recovering from its drop on Monday, BTC has struggled to gain traction above $100,000. Market sentiment has most likely been repressed.
At the time of writing, Bitcoin was up 0.02% in the last 24 hours to $98,928, slightly rebounding from a three-day slide since Monday's rise to $102,559.
Bitcoin has been trading in a range below the daily SMA 50 at $98,726 after falling from highs of $101,812 on Tuesday. Bitcoin's attempt to decisively breach $99,000 was thwarted in the last two daily sessions, with the price dropping.
In a recent tweet, Glassnode cofounders, who go by "Negentropic" on X, highlighted Bitcoin's recent range trading in the $97,000 to $98,500 zone.
While the outlook for the crypto market remains uncertain, the good news, according to the Glassnode cofounders, is that Liquidity conditions keep improving as Bitcoin holds the $97,000 to $98,500 range.
Tomiwabold OlajideConsolidation often leads to a breakout or breakdown as bulls or bears take the lead. In this scenario, "Negentropic" predicts a move to the upside, stating that "Bitcoin is gearing up for another shot at $100,000."
The Glassnode cofounders added," As long as fundamentals keep strengthening, it's just a matter of time."
Bitcoin solidifies stance as global asset
In a report, Glassnode noted that Bitcoin has evolved into a global asset with extremely deep liquidity that is available at all hours of the day. This creates the conditions for investors to speculate, trade and express their macroeconomic views at times when traditional markets are closed.
The Bitcoin network has attracted over $850 billion in net capital inflows, while processing nearly $9 billion in economic volume daily. Bitcoin dominance has likewise surged from 38% to 59% since the FTX collapse in 2022, reflecting a net capital rotation into BTC over other digital assets.
Dan Burgin
Vladislav Sopov