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The cryptocurrency market started the new week with low volatility as the leading cryptocurrency Bitcoin consolidated between the $29,000 and $30,000 levels. A cryptocurrency analyst evaluating the current situation in the market discussed potential scenarios by pointing to price levels that could play a crucial role for Bitcoin in the near future.
Bitcoin Consolidation Continues
The leading cryptocurrency Bitcoin (BTC) climbed to the $29,600 levels on the first day of the week, but fell back to the $29,400 levels yesterday evening. With the ongoing consolidation in BTC, the cryptocurrency market started the week with low volatility.
In addition to the decrease in volatility, the total trading volumes in the cryptocurrency market also declined. In recent times, many altcoins have recorded significant decreases in their trading volumes.
Despite significant value increases during the week for altcoins such as THORChain (RUNE), Hedera (HBAR), Pepe (PEPE), SHIB, and ApeCoin, most high-market-cap cryptocurrencies have been relatively flat in recent days. The total market value of the cryptocurrency ecosystem has decreased to $1.17 trillion, according to CoinMarketCap (CMC) data.
Analyst Points to Critical Price Levels
Despite important developments in the crypto ecosystem in recent times, such as the Fed’s interest rate decision and PayPal’s stablecoin move, the cryptocurrency market has not experienced significant volatility. BTC has continued to consolidate between the $29,000 and $30,000 levels in recent weeks. Cryptocurrency analyst Michael Van de Poppe, evaluating the ongoing consolidation in Bitcoin, discussed possible scenarios of both downside and upside movements in a series of tweets.
The analyst suggested that for BTC to resume its upward trend, it needs to surpass the $29,700 levels in the near term. Highlighting the importance of surpassing this level, the analyst stated that once $29,700 is breached, the upward movements could gain momentum.
Furthermore, cryptocurrency analyst Michael Van de Poppe claimed that the $29,000 levels are critical if the downward trend continues. According to the analyst, if BTC falls below the $29,000 levels in the near term, the value losses could extend to $28,000.
