Bitcoin's market performance has reached a standstill, with cumulative returns showing little variation across major trading sessions. This trend indicates a neutral momentum in the cryptocurrency market, as highlighted by recent analyses. Based on the data provided in the document, it appears that such periods of stagnation often precede significant market movements.
Bitcoin's Gains Driven by US Trading Session
According to Maartunn, a community analyst from CryptoQuant, Bitcoin's gains were primarily driven by the US trading session in early December. However, the latest data reveals that returns have now plateaued across all three major markets:
- the US
- Europe
- Asia-Pacific
Market Consolidation and Trader Behavior
This uniformity in returns suggests a lack of significant divergence in trader behavior, pointing towards a phase of consolidation for Bitcoin. As the market stabilizes, traders may be awaiting further developments that could influence future price movements.
Recently, Bitcoin experienced a significant short squeeze, resulting in massive liquidations, contrasting with the current market stagnation discussed earlier. For more details, see more.
