The crypto market stalls as Bitcoin remains stuck at $29,500
With hardly any volatility or movement ocurring, the cryptocurrency market seems paralyzed this week. Bitcoin, in particular, is at a standstill in the $29,500 area after briefly touching $30,000 the past few days.
The long-awaited US CPI data barely moved the cryptocurrency price. To regain optimism, Bitcoin´s price would have to retake the $29,800 level as support and only then, it would have the possibility to attack the resistance at $31,500 once more.
Looking ahead to the coming weeks, volatility is expected to return to Bitcoin. Among the data that could move its price are the figures from the US Bureau of Labor Statistics, as well as the SEC's decision on a Bitcoin ETF application.
In recent months, cryptocurrencies have shown unusual strength, especially major mining stocks, which have consistently outperformed Bitcoin. According to a report by Bernstain, the stablecoin market could reach $2.8 trillion by 2028.
Leaving Bitcoin aside, when observing the other cryptocurrencies, Ethereum is trading at $1,852, Cardano stands at $0.3 and Solana has reached $24.45.