Bitcoin’s consolidation at $17,000 could be a calm before the storm

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The Bitcoin and crypto market twist has brought unexpected changes to almost every asset. Prices fell with little to no hope of a reversal. The FTX exchange fiasco intensified performance as several losses were recorded across the crypto space.

Following the events, Bitcoin price fell below its critical resistance level of $20,000. Since then, the main cryptocurrency has fallen as the value slid towards the $17,000 region.

In the past 24 hours, BTC could not make any significant positive moves. Hence, the token decided to consolidate around the $17,000 level. But many doubts are brewing whether a storm could follow this new calm in the future.

Bitcoin calms around $17,000

Bitcoin failed to trigger enough volatility to push the price higher. The cryptocurrency stagnated around the $17,000 level during some trading hours. Yesterday, BTC managed to hit $17,424. But the push couldn’t last long as the bears suddenly took over.

According to data from Binance, the crypto major fell to an intraday low of $16,867. However, the coin gradually rises upwards. At press time, Bitcoin is trading at around $16,835, indicating decline. It boasts a market capitalization of around $326.81 billion and its dominance over the altcoin is 38.33%.

Bitcoin price does not exceed $17,000 l BTCUSDT on Tradingview. com

Over the years, several interpretations of extended periods of reduced volatility have been given. One is that it comes as a precursor to a massive push. Therefore, speculation on Bitcoin’s current consolidation could represent the calm before the storm.

Altcoins in red zone

The crypto market has seen an overall decline as prices keep falling. With the strong presence of bears, altcoins have painted the market red. This downward trend further reduced the overall market capitalization.

At the time of writing, the cumulative market capitalization stands at $853.33 billion. It shows a decline of around 1.39% in the last 24 hours.

The performance of the altcoin has not been impressive. Most saw declines between 2% and 6% over the past day.

The worst performers over the past day are BTSE Token and GMX. While the first fell 8.3%, the second fell more than 7.2% in 24 hours.

Other losers include ETH down 3.41%, DOGE down 6.47%, XRP down 2.57%, BNB down 2.38%, MATIC down 3.17%, ADA down 3.11%. and others.

However, the market saw only a few exceptions to the southward movement. The most successful are AXS from Axie Infinity and SNX from Synthetix Network. While AXS jumped 4.4%, SNX saw a 5.4% increase in the past 24 hours.

Featured image from Pixabay, graphic from TradingView.com

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