Bitcoin Struggles Below $17,000 On Low Volume Day Of The Month (Watch Weekend)

Bitcoin hasn’t made any decisive moves in several days as the asset remains flat below $17,000, which is widely expected today, given the unusually low trading volumes.

As such, altcoins have also stalled, with ETH struggling to stabilize above $1,200.

Bitcoin flat less than 17 thousand dollars

The past two weeks have been very different from each other. The previous period saw massive turmoil fueled by the collapse of the third largest cryptocurrency exchange FTX.

Bitcoin responded with a quick plunge from over $21,000 to a two-year low below $16,000. The rollercoaster continued in the following days, with BTC pumping over $18,000 before reversing to $17,000.

However, this week was much less significant in terms of price action. The cryptocurrency has been trading mostly around the $17,000 line, with some failed attempts to cross it. The last such opportunity came last Friday, but the bears stopped bitcoin in its tracks.

Since then, the asset has been flat and is currently a few hundred dollars below $17,000, and this is among the lowest trading volumes in November.

Despite the current lack of volatility, a well-known cryptocurrency analyst recently warned that BTC could drop below $10,000 if this bear market mimics previous ones.

BTCUSD. Source: TradingView

Alt currencies are also stagnant

The more volatile altcoins didn’t result in any big price moves over the weekend, with the exception of yesterday’s gains in APE and ALGO.

Ethereum remains above $1,200, although the asset is agonizingly close to breaking below that level for a few days. Binance Coin is also inches above $270.

Most of the large cap cryptocurrencies have posted little losses or gains in the past 24 hours. LEO added the most value per day – almost 3%.

Apart from Algorand, which fell sharply today, CHZ fell sharply by more than 10%. As a result, the asset fell to $0.22.

Overall, the cryptocurrency market cap has remained quiet at around $830 billion.

Overview of the cryptocurrency market.  Source: Quantify Crypto
Overview of the cryptocurrency market. Source: Quantify Crypto

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