Bitcoin Stagnates Below $17K as Extreme Fear Returns to Crypto (Market Watch)

by Gail Dunn

The cryptocurrency market has failed to produce any meaningful movements in the past 24 hours and is found more or less where it was yesterday.

This includes Bitcoin, which continues to trade below $17K.

Bitcoin Stagnates Below $17K

Prolonged periods of diminished volatility are not typical in the cryptocurrency market and are usually a precursor to a big move.

That said, Bitcoin’s price has been trapped within a fairly narrow range over the past couple of weeks, unable to break out in any direction. At the time of this writing, the cryptocurrency trades at $16,800 – exactly where it was yesterday.

btc_price_chart_081201 Source: Binance via TradingView

The BTC dominance also remains the same as yesterday, highlighting the lack of activity from market participants and the overall state of stagnation.

Overall Market in State of Extreme Fear

Most of the altcoins failed to produce any gains too. On the somewhat bright side – they didn’t decrease either.

The majority of them are charting slight losses or gains but nothing noteworthy, as seen in the heatmap below.

altcoin_heatmap_081201 Source: Quantify Crypto

Today’s best performer is FXS, up 8%, followed by Radix (XRD) – up 75.%. On the losing side of the spectrum, ImmutableX (IMX) is down 4.1%, followed by BTSE – down 2.5%.

Data also shows that the overall market sentiment has returned to a state of “extreme fear.” This is based on numerous factors, including volatility (or the lack of it), market momentum and volume, and social media sentiment.


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Cryptocurrency charts by TradingView.