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The leading cryptocurrency Bitcoin (BTC), which has been consolidating between $28,500 and $31,500 for weeks, dropped to $29,000 with the value losses it started to record in the early hours of the day. A crypto analyst evaluating the recent situation of BTC pointed out possible price levels that could play a critical role for the leading cryptocurrency in the near future.
Crypto Market in Decline
Bitcoin (BTC), the leading cryptocurrency that has been trading sideways between $28,500 and $31,500 in recent weeks, started the weekend with a decline and began trading at $29,000 with an average loss of 0.5% in the last 24 hours. Most altcoins in the crypto market recorded varying levels of losses since the start of the weekend with the decline of BTC.
Ethereum (ETH) started trading at $1830 with its recent value losses, while the total market value of the crypto ecosystem dropped to $1.16 trillion according to CoinMarketCap (CMC) data.
K33 Research, a crypto analysis platform, stated in a report yesterday that the volatility of the leading cryptocurrency Bitcoin fell below Gold, Nasdaq, and S&P500 last week, indicating that low volatility could signal sharp price movements in the future.
Will Consolidation Continue in Bitcoin?
Meanwhile, crypto analyst Michael Van de Poppe evaluated the current technical outlooks with a series of tweets while the uncertainty in the crypto market continues. The analyst claimed that the main trend in the crypto market is still bullish and that the market has been progressing steadily since the FTX bankruptcy.
The analyst stated that if the leading cryptocurrency BTC can protect critical price levels, the crypto market can regain its upward momentum and experience an upward trend in the near future.
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