Calm Before the Storm? Bitcoin Consolidates Around $107,000: Weekend Watch

The broader cryptocurrency market remains relatively calm and for the past 24 hours there haven’t been any major movements.

Bitcoin continues trading in a more or less narrow range between $106,000 and $108,000, begging the question if this is the calm before the storm and if a major move is just around the corner.

Bitcoin Price Consolidates at $107K

Bitcoin’s price didn’t go through any major moves during the past day and continues consolidating at around $107,000.

The absence of volatility is also seen in the level of liquidations, which has declined by 4% on the daily, currently standing at around $200 million, according to Coinglass. The majority of them are short positions, meaning that the bulls are defending this area successfully, at least so far.

As seen in the chart below, the price has managed to recover from the losses endured last weekend following the US strike of strategic Iranian nuclear bases.

That said, as BitcoinLinux reported, the number of larger wallets, holding 10 BTC or more, hit 152,280, which is the highest since March. This signals that deep-pocketed investors show a lot of confidence and might be positioning themselves for an incoming rally.

Altcoins Trend Flat but Leaning Bullish

The majority of large-cap altcoins are trading in the green. They are not charting any significant gains, but the heatmap is obviously leaning bullish.

Notably, Ripple’s XRP is charting gains of more than 4% on the day, being the best-performing altcoin from the top 10 by means of total market capitalization.

Bitcoin’s market dominance is down by around 0.5% in the past 24 hours, which shows that the altcoins are attempting to capitalize on its flat trend. It’s interesting to see if this will continue.

The best performer today is Quant (QNT), which is up 6.5%, followed by SPX6900 and Jupiter (JUP), both of which are up by 5.3% and 4.8%, respectively.

On the other hand, Aptos, Pi Network, and SEI are today’s worst performers, down by 7.7%, 3.8%, and 3.6%.

The post Calm Before the Storm? Bitcoin Consolidates Around $107,000: Weekend Watch appeared first on BitcoinLinux.