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Thursday, December 7, 2023

Bitcoin Price Steady Above $34K as Crypto Markets Consolidate (Weekend Watch)

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The past few days have been mostly about consolidation, following Bitcoin’s rally to $35K and the slight correction that followed.

These tend to be periods where the price fails to excite, but rather, market participants are evaluating their current standings and projecting what might happen next.

Bitcoin Price Steady Above $34K

The past 24 hours were optimistic for Bitcoin’s price, which managed to maintain above $34K.

In fact, BTC attempted a push, but it was unable to sustain the upward pressure and retraced to where it’s currently trading at around $34,200 (on Binance).

As seen in the chart below, the price has been going through a steady consolidation phase throughout the past few days, following its push to $35K.

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Source: Binance via TradingView

Bitcoin’s dominance is also steady, above 50%, currently sitting at 51.2%. This is the metric analysts use to gauge its share relative to that of the rest of the market.

Altcoins Also Consolidate

Most of the altcoins are also trading in the green. However, they are charting slight increases, which is more indicative of a consolidation phase. There are certain exceptions, of course.

Shiba Inu (SHIB), for example, is up by 3.3% in the past 24 hours, which makes it the best-performing altcoin among those with larger market capitalization.

Source: Quantify Crypto

All in all, the day was relatively calm. Render (RNDR) is the best performer from the top 100 coins, up 10%, followed by BitTorrent (BTT), which is up 7.1%.

On the other end of the spectrum, there’s Rollbit Coin (RLB), which is down 9% in the past 24 hours. XDC Network (XDC) is next in line – it’s down some 4.3% at the time of this writing.

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Cryptocurrency charts by TradingView.

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