Bitcoin Struggles Near $33,000 Price Level

Bitcoin (BTC), the world’s most valuable digital asset, is currently struggling around the price level of $33,000 amid negative market sentiment. BTC has lost nearly 5% of its value since 7 July 2021.

According to the latest data published by Coinmarketcap, the overall market cap of digital currencies dropped by approximately $50 billion in the last 24 hours led by a correction in Bitcoin, Ethereum, Cardano, and Binance Coin. Ethereum remained the worst performer among the top 5 digital currencies with a drop of more than 5%.

Bitcoin’s total market cap dipped below $620 billion on 13 July 2021. The world’s largest cryptocurrency now has a market dominance of 45.6%. The price of BTC has remained below $40,000 since 16 June. The digital asset is currently trading near $32,500.

“Bitcoin’s average return for 6-month investors is sitting at a very low -27.81%. When traders are this underwater, FUD typically arises in the form of negative-driven posts,” crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term platform Santiment mentioned on Twitter.

Quiet Week for Bitcoin

Last week remained very quiet for Bitcoin as the Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term of BTC decreased significantly. BTC’s on-chain activity also dropped sharply in the last few days. “It has been an impressively quiet week in the Bitcoin market as volatility continues to seep out, and prices squeeze into a tight consolidation range. The week opened at a high of $35,128 and traded down to a low of $32,227. It is starting to feel like the calm before the storm as muted and quiet activity appears across both spot, derivative and on-chain metrics,” on-chain analysis firm Glassnode mentioned in its latest weekly report.

Last week, Meitu, one of the leading technology firms in Asia, revealed that the fair value of the company’s Bitcoin holdings decreased by more than $17 million due to the latest correction in the price of BTC. The company purchased nearly $100 million worth of Bitcoin and Ethereum (ETH) in March 2021.