- The BTC price is struggling to break out.
- BTC’s price is currently up about 0.25% despite the uncertainty in the market.
- The rest of the crypto market is following BTC’s lead.
Bitcoin’s (BTC) price movement is rather lackluster at the moment as market uncertainty is draining any enthusiasm from investors.
Bitcoin / Tether US 1D (Source: CoinMarketCap)
According to the market tracking website, CoinMarketCap, BTC’s price is currently up about 0.25%, but despite this, the king of crypto is still down more than 5% over the last week. The price of BTC is also still stuck in the $19k and $20k range, and is currently standing at $19,120.04.
It seems like market uncertainty is BTC’s biggest obstacle at the moment, and the hawkish stance of central banks is not making it any easier for the crypto market leader. There is also no indication that the Federal Reserve will deter from its current stance of quantitative tightening.Despite the slow BTC performance, many big names in the industry are still rooting for the crypto. Paul Trudor Jones, a well-known trader, expressed his belief that BTC’s price will soon start climbing.
In addition to this, the co-founder of Reflexivity Research, Will Clemente, stated that BTC is a debasement hedge and that he believes that it will grow in value as market instability increases.
It seems like the rest of the crypto market is following BTC’s lead. This is evident in the fact that Ethereum (ETH) is struggling to break the $1,300 mark. Cardano (ADA) and Solana (SOL) are also in the red today as both fell more than 8% over the last day.
Meme coins, on the other hand, are faring rather well despite the current uncertainty. Doge coin (DOGE) is up almost 2% over the last day. Shiba Inu (SHIB) is also in the green after an increase of 0.64% over the last 24 hours.
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