Bitcoin Maintains Dominance Despite Sideways Trading

Bitcoin maintains a price around $85K, gaining market dominance above 64% while competing altcoins struggle. BTC shows low liquidation levels and stable trading metrics, though recent comments from Federal Reserve Chair Jerome Powell may curb investor sentiment, affecting market highs.

Bitcoin (BTC) has shown resilience, maintaining its price around the $85,000 mark despite minor fluctuations. It is regaining market dominance from altcoins, reaching a dominance level above 64%. This upward trend follows remarks from Federal Reserve Chair Jerome Powell, which allowed BTC to remain above the $84,000 range.

Over the past 24 hours, BTC traded in a narrow band between $83,100.62 and $85,232.09. Currently priced at $84,161.97, it displays a daily increase of 0.25% and an 8.84% rise over the week. Although trading volumes fell slightly by 5.11% to $26.42 billion, BTC’s market capitalization increased by 0.31% to $1.69 trillion, demonstrating consistent capital inflow into the asset.

In the derivatives market, Coinglass indicates a minor uptick in BTC futures open interest by 0.23%, bringing it to $54.95 billion. Liquidation levels remain low, with only $1.47 million in positions liquidated—mostly impacting long positions valued at $1.22 million. This suggests a stable trading environment amid bullish sentiment.

BTC’s dominance at $1.68 trillion firmly positions it as a leader in the $2.66 trillion cryptocurrency market. Comparing BTC to ether (ETH), the ETH/BTC ratio is currently at a five-year low of 0.01870, reflecting ether’s struggles, having decreased over 50% this year. Presently, ether is trading at $1,593.47, down 1.82% in the last 24 hours.

The strong dominance of bitcoin could signal potential price appreciation, especially if investor sentiment shifts positively. However, Powell’s recent comments regarding interest rates may temper market enthusiasm, as he indicated no immediate cuts are expected. As of Wednesday afternoon, BTC was trading at $83,393 per unit, reflecting the cautious investor sentiment.