Bitcoin is trading around $67,500 after a pullback from $69,700, with buyers stabilizing prices. Major cryptocurrencies, including Ethereum, saw significant declines over the past week. The market remains in a consolidation phase, showing resilience but lacking a clear catalyst for a sustained recovery.
Bitcoin traded near the $67,500 level, falling below the previous day’s $69,700 mark, with buyers stabilising prices after a brief dip. The cryptocurrency was last trading around $67,558.
Over the past 24 hours, Bitcoin and Ethereum fell 3% and 5%, respectively. Among major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Cardano, and Hyperliquid fell over 6%. The global crypto market capitalisation dropped 2.83% to $2.31 trillion, according to CoinMarketCap.
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Akshat Siddhant, Lead quant analyst, Mudrex, said that Bitcoin has been trading near the $69,000 level as the market waits for a clear catalyst to set the next direction. Institutional interest remains supportive, with Bitcoin ETFs recording a net inflow of $145 million, extending the recent positive trend, he added.
In the past week, Bitcoin and Ethereum have tumbled 12% and 13%, respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Dogecoin, Cardano, and Hyperliquid slumped over 19%.
Vikram Subburaj, CEO of Giottus, said Bitcoin traded on a fragile footing, hovering around $68,900 after failing to sustain rebounds above the $70,000 mark, underscoring the market’s continued sensitivity to macro cues and positioning flows.
Overall, the crypto market appears stuck in a consolidation phase. It looks resilient enough to avoid a sharp breakdown, but lacks the macro clarity and liquidity impulse to sustain a meaningful recovery, Subburaj added.
Market perspective
Nischal Shetty, Founder WazirX
After briefly holding near the $70,000 mark, Bitcoin saw a mild pullback over the last 24 hours, trading closer to $68,000, while Ethereum trades close to $2,000, but there are no immediate structural breakdown indications.
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Investors with historically large amounts of Bitcoin holdings have recently gone on a buying spree, steadying prices to some extent even though larger retail sentiment remains cautious amidst subdued risk appetite.
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