Bitcoin Stagnates Between $97K and $98K Amid US-China Trade Tensions
Bitcoin has remained range-bound between $97,000 and $98,000 over the past 24 hours, bouncing back from a local low of $96,000 as geopolitical tensions between the U.S. and China escalate.
According to Alankar Saxena, Co-founder and CTO of Mudrex, Bitcoin lacks the momentum for a decisive move. However, technical indicators such as the momentum oscillator suggest potential upside if buying pressure increases. “A breakout above the $98,500–$100,000 range could trigger bullish momentum, potentially driving Bitcoin toward $105,000 in the near term,” Saxena stated.
Meanwhile, Vikram Subburaj, CEO of Giottus, noted that Bitcoin has managed to hold above $97,000 following a mild recovery, though overall buyer sentiment remains weak. “Technical indicators—RSI and MACD—suggest that Bitcoin may continue consolidating before making a breakout attempt. Traders are now closely watching the U.S. jobs data release later today, which could serve as a key market catalyst,” Subburaj added.
Altcoins Struggle as Market Sentiment Weakens
The broader cryptocurrency market saw significant declines, with major altcoins suffering losses:
- XRP (-6.8%)
- Solana (SOL) (-6.2%)
- BNB (-1%)
- Dogecoin (DOGE) (-6.3%)
- Cardano (ADA) (-6.9%)
- Chainlink (LINK) (-6%)
- Avalanche (AVAX) (-7.75%)
- Stellar (XLM) (-5.8%)
- Hedera (HBAR) (-6.6%)
- Sui (SUI) (-10%)
- Shiba Inu (SHIB) (-7.7%)
Bitcoin Market Metrics
Bitcoin’s market capitalization fell to $1.918 trillion in the last 24 hours, with its dominance in the crypto market standing at 61.09%. Trading volume for BTC increased by 3.64%, reaching $47.83 billion. Stablecoins accounted for $114.92 billion, or 92.9%, of total market trading volume, according to CoinMarketCap.
As traders await key macroeconomic data, Bitcoin’s next move remains uncertain, with consolidation likely to persist in the short term unless a fundamental catalyst sparks fresh momentum.
Leave a comment