Crypto Market Consolidation Continues as Bitcoin (BTC) Fails to Break Above $95K (Market Watch)

Bitcoin’s failure to produce a big move toward $100,000 continued in the past 24 hours as the asset seems stuck at around $95,000 without any indication of where the next fluctuation wave will take it.

The altcoins have also been quite sluggish lately, with minor losses dominating the chart on a daily scale.

BTC Stalls at $95K

The primary cryptocurrency managed to break through its previous consolidation phase at the beginning of last week, when it pumped above $86,000, which served as the upper boundary of that channel. In the following days, the asset flew past $90,000 for the first time in over six weeks and skyrocketed to just shy of $96,000 last Friday. This became its highest price tag in two months.

Although it failed to breach that level and retraced slightly during the weekend, it remained high above the $90,000 support. The only brief slip came on Monday when BTC dropped to $93,000 but quickly recovered the losses.

The bulls went on the offensive but were stopped on a couple of occasions ahead of $96,000 despite the substantial inflows into the BTC ETFs. As such, bitcoin continues to trade sideways at around $95,000, currently sitting just inches below it.

Its market capitalization has stalled at $1.880 trillion on CG, while its dominance over the alts is well above 61%.

Alts Slightly in the Red

Most altcoins have lost some traction over the past 24 hours. LINK, AVAX, and XRP lead the adverse trend from the larger caps, with losses of up to 3.5% in the case of Chainlink.

ETH, DOGE, ADA, SUI, SHIB, HBAR, and BCH are also in the red, albeit in a slightly less painful manner.

The biggest losers from the top 100 alts include yesterday’s top performer, VIRTUAL, as well as TAO and TRUMP. The meme coin related to the US president has faced a lot of controversy as of late, including reports that the team behind it had started disposing of its holdings amid the price rally.

The total crypto market cap has declined slightly by around $15 billion since yesterday to $3.065 trillion on CG.