The global crypto market remains bearish as Bitcoin remains flat. The popular cryptocurrency hasn’t been able to pick up. In fact, it lost 3.48% of its value in the last seven days, as per data from CoinMarketCap.
Ethereum also hasn’t seen much gains as its now more correlated to Bitcoin since the Merge last month. At the time of writing this article, Ethereum was trading at $1,291. It lost 3.10% of its value in the last seven days. The altcoins are showing a mixed reaction to the lows to the flatness of the two popular cryptocurrencies. Polkadot is down by nearly 3% in the last 24 hours. Cardano lost 2.71%, Solana 2.39%, Polygon 1.53% and XRP 1.23%. Tron gained 1.28% and Shiba Inu is up by 1.13%.
Data shows that Bitcoin volatility had become practically identical to the British pound, but BTC is already in its least volatile period since 2020. Solid support and resistance levels seem to be at play, keeping the coin’s price in check. Keith Alan, the founder of Material Indicators, highlighted that Bitcoin is trading in a congested and critical range. He said the two key moving averages closing in on each other and acting as resistance boundaries to the trading range. Alan shared that the 21-day moving average has confluence with resistance at the trend line from the ATH and the 50-day moving average with resistance at the 2017 Top.
Edward Moya, the senior markets analyst at Oanda, believes Bitcoin has been stuck in a consolidation pattern. He said it seems like BTC will continue until investors can confidently believe the Fed will stop hiking. But Bitcoin has been undervalued since 2020, as per MVRV Z-Score – an analytical tool used to assess whether Bitcoin is looking cheap or expensive on a relative historical basis. It measures the difference between an asset’s market capitalization.