Bitcoin Flat in Subdued Trading as Altcoins Remain in Red

Investing.com — Bitcoin was roughly unchanged Wednesday, shrugging off a broader decline in altcoins as traders awaited further catalysts.

rose 0.39% to $10,661 within touching distance of session highs of $10,739 as the popular crypto appeared to continue to soak up demand despite broad-based weakness in crypto.

The subdued day of trading for bitcoin came as it met resistance at its 50-day moving average in the $10,600 price zone. The 50-day moving average marks the first line of support in an uptrend or resistance in a downtrend.

Bitcoin’s dominate rate – the weight of bitcoin’s market cap relative to the total market cap for all crypto assets – was just under 70% and little changed from Tuesday. It’s close to its March 2017 peak of 70.5% from a day earlier.

Bitcoin’s market cap rose to $190 billion.

Other cryptos were in the red, with falling 0.81% to $0.25958, down 1.12% to $177.31 and dropping 1.01% to $67.96.

In a further blow to altcoins, Ethreum has been singled out for more pain as some warned the popular altcoin is at risk of forming a death cross on its one-day price chart.

A “death cross,” a bearish indicator, occurs when the shorter-term moving averages cross below the longer-term ones.

“Price does not necessarily reflect the true intrinsic value of any given token or coin, but the growing sophistication among crypto investors coupled with the strengthening ‘digital gold’ narrative for has helped suppress much of the publicly traded crypto market in recent months,” said digital asset research firm Delphi Digital.

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