Over the past seven days, Bitcoin (BTC) and Ethereum (ETH) price are fluctuating below $30,000 and $1,900, respectively. After The Fed released their meeting results on Thursday (27/07), Bitcoin barely budged following the Federal Reserve's most recent rate hike, underscoring that this period of heightened rates has pretty much been priced in.
According to data from Coinglass, Bitcoin's long and short-leveraged positions worth over $41 million were liquidated due to an unexpected crash in BTC prices. The prices fell below a consolidation level of around $29,500, decreasing by more than 4%, and dropping below the primary support level. This has put more pressure on the coin and could lead to further selling pressure in upcoming sessions. As a result, prices may move towards immediate reaction lines, with the next at around $28,300.
The Bitcoin (BTC) market is currently experiencing consolidation within a tight range of $29,000 to $29,500. The cryptocurrency has shown limited price movement. The lack of significant fluctuations suggests a period of uncertainty in the market. Moreover, trade volume has been decreasing, indicating decreased investor participation and interest in making significant moves.
Amidst this consolidation, there are no distinct signs of a bullish or bearish breakout at present. The absence of clear trends has resulted in a cautious approach among market participants, with many adopting a wait-and-watch strategy until a decisive breakout occurs.
The Ethereum (ETH) market continues to undergo consolidation, with prices hovering within the range of $1,850 to $2,000. Similar to BTC, ETH is experiencing limited price movements, indicating a period of indecision among market participants. The lack of a clear trend reflects a cautious sentiment prevailing in the market.
Additionally, trade volume for ETH has been trending lower, suggesting reduced trading activity. ETH's price action is closely linked to BTC, and it currently awaits confirmation of a bullish or bearish breakout from Bitcoin. As BTC's movement can heavily influence the overall cryptocurrency market, including ETH, market participants are keenly observing BTC's behavior for cues on ETH's potential direction.
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