Cautious market sentiment and a broader pullback in crypto activity appear to be stalling bitcoin’s price over the past 24 hours.
Trading Volume Slump Keeps Bitcoin Below $97K Threshold
Bitcoin (BTC) is currently trading at $96,985.60, showing a slight 0.48% decline over the past 24 hours and a 3.37% drop over the past week. The asset has been trading within a 24-hour range of $96,673.21 to $98,492.90, struggling to gain momentum as market sentiment remains cautious.
(BTC price / Trading View)
Weaker Trading Volume and Market Cap Decline
Bitcoin’s 24-hour trading volume fell 17.68% to $31.63 billion, indicating reduced market activity. This decline suggests that traders are holding back from taking significant positions as BTC struggles to break above resistance. Meanwhile, bitcoin’s market capitalization slipped 0.83% to $1.92 trillion, reflecting the broader pullback in the crypto market.
Bitcoin Dominance and Futures Market
Despite recent volatility, BTC dominance rebounded 3.6% over the past 24 hours after dipping slightly earlier in the day, signaling a continued preference for the dominant cryptocurrency as more investors consolidate into bitcoin. However, bitcoin futures open interest fell 0.41% to $59.80 billion, suggesting that traders are reducing their leveraged exposure amid uncertainty.
Liquidations Reflect a Cautious Market
Total bitcoin liquidations over the past 24 hours amounted to $19.68 million, with $10.50 million in long liquidations and $9.18 million in shorts. This relatively balanced liquidation data suggests a lack of strong directional conviction, as both bulls and bears remain hesitant.
Market Outlook
Bitcoin continues to struggle for upside momentum, with declining trading volume and futures open interest pointing to a cautious market. The $97,500 level remains a key resistance zone, and a breakout above $98,500 could signal renewed bullish strength. However, if BTC fails to hold above $96,500, further downside toward the $95,000 support level could be on the horizon. Traders will be watching macroeconomic trends and liquidity flows closely as bitcoin navigates this consolidation phase.
Read the full article here
