Bitcoin (BTC) price is trading sideways around $102,800 at the time of writing on Thursday, reflecting persistent market indecision after encountering resistance earlier this week. The range-bound price action is further supported by mixed flows in spot Bitcoin Exchange Traded Funds (ETFs). At the same time, on-chain data indicate that BTC is stabilizing within a defined range between $97,000 and $111,000, with no clear macro catalyst, suggesting that a decisive breakout may still be some distance away.
Quant (QNT) price is up 11% by press time on Thursday, advancing towards the upper band of a consolidation range. The short-term recovery aligns with a surge in demand from large wallet investors, known as whales, and a risk-on shift among derivatives traders.
The cryptocurrency market capitalisation has changed little over the past day, fluctuating around $3.5 trillion. The cryptocurrency fear index has fallen to 15, its lowest level since 4 March. Notably, the cryptocurrency market has been left out of the recent rally in precious metals and stock indices. If this is not an attempt by whales to lock in profits from the rally since April or even from the growth of the last two years, then it is an alarming signal of deep-seated risk aversion that is about to manifest itself in larger markets.
Read the full article here