Bitcoin and other cryptocurrencies saw a slight increase in value on Friday, albeit still trading below key levels. Even so, crypto bulls remain optimistic and continue to buy the dip in Bitcoin, providing support during a period of historically stagnant trading.
Over the past 24 hours, the price of Bitcoin has remained relatively flat at $29,150. This is a significant drop from the psychologically important $30,000 level, which marks the lower range of the $31,000 dominating the largest digital asset for months.
Despite this, Bitcoin has shown resilience around the $29,000 support level. Even when there was a dip below this area on Tuesday, a swift recovery followed, highlighting substantial buying interest in this zone. Rachel Lin, CEO of trading platform SynFutures, notes that the recent decline in volatility is not an isolated incident. In fact, it’s one of the most tranquil periods in the history of Bitcoin and the broader crypto market.
In recent weeks, crypto prices have been relatively stagnant, with limited volatility. This lack of movement has occurred regardless of positive catalysts, such as the anticipation of potential approvals for spot Bitcoin exchange-traded funds, and negative ones like regulatory concerns in the U.S.
However, there is a chance that Bitcoin may experience movement on Friday due to the U.S. jobs report. This report has the potential to influence the next move from the Federal Reserve on interest rates, which impacts sentiment for risk assets, including tokens. Although cryptocurrencies have appeared increasingly uncorrelated with stocks, the jobs report remains a significant factor to observe.
Apart from Bitcoin, Ether—the second-largest cryptocurrency—remained relatively flat at $1,830. Other smaller altcoins, like Cardano and Polygon, also saw minimal changes of less than 1% decrease. On the other hand, memecoins showed more positive movement, with Dogecoin up 1% and Shiba Inu popping 4%.
Overall, the crypto market continues to show potential, even in the face of stagnant trading. Crypto bulls remain optimistic, and the resilience of Bitcoin is evidence of the substantial buying interest in the current support level.