Market Wrap: Do-Nothing Markets Stay Steady as Bitcoin Sticks to $9,200

Published on by Coindesk | Published on

Markets globally are mostly flat Tuesday, and bitcoin is trading sideways along with them.

Bitcoin trading around $9,264 as of 20:00 UTC. gaining 0.43% over the previous 24 hours.

The price of bitcoin is stuck in the $9,200 price range as low volumes continue to plague the markets, said Katie Stockton, an analyst for Fairlead Strategies.

"Bitcoin has been tethered to its 50-day moving average recently after having suffered a loss of short-term momentum in June." Bitcoin's 50-day moving average is around $9,240 as of Tuesday.

The summer doldrums for the bitcoin market likely started not long after the May 12 halving, said David Lifchitz, chief investment officer for Paris-based quantitative trading firm ExoAlpha.

"Bitcoin has been trading very technical post-halving since mid-May, essentially bouncing into a $8,100-$10,400 band," Lifchitz said.

"Since mid-June, Bitcoin has gone nowhere moving in a very narrow range of $9,000-$9,400," he added.

"Right now it seems that the markets are disconnected from what's going globally. I think bitcoin will continue to stay in the range of $8,900-$9,400," he said.

Sweden-based over-the-counter trader Henrik Kugelberg said economic uncertainty bodes well for bitcoin as investors look for places to sock away money.

Uniswap dominating DEXs.The second-largest cryptocurrency by market capitalization, ether, was up Tuesday, trading around $241 after climbing 1.3% in 24 hours as of 20:00 UTC. For the year, ether is up 75%, and part of that story has been the growth of decentralized finance.