Bitcoin has continued to stagnate recently as another recovery move has failed to prosper. So here’s an indicator that may hint when a break could happen.
Bitcoin Rally May Not Resume Until The Stablecoin Market Cap Goes Up
Around the start of this week, Bitcoin observed a sharp plunge that had taken the asset’s price from the $30,000 level down to the $29,000 mark. A couple of days back, however, the coin had started surging again and had reclaimed the $26,600 level.
This uplift in the price had come as the US Fed had announced a 25 bps interest rate hike, but before long, the recovery efforts had run out of steam, and now, the cryptocurrency has already retraced its gains from the rally.
Earlier, Bitcoin had been stuck in a phase of stagnation above the $30,000 level for more than a month, but with the plunge in the price, this streak had been broken.
The asset now sticking near the $29,000 level may mean, however, that volatility hasn’t truly returned for the asset yet, as it
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