Bitcoin (BTC) continued trading in a narrow corridor on Feb. 22 as markets awaited fresh activeness afterwards concluding week'due south sudden 8% toll drib.

Cryptocurrency market daily overview. Source: Coin360

BTC "correcting in an uptrending marketplace"

Data from Coin360 and Cointelegraph Markets showed BTC/USD spending some other day in a stable zone betwixt $ix,500 and $nine,800, having stayed there since Thursday.

Previously, traders had reacted with cliffhanger every bit the pair dumped nearly $i,000 in a matter of minutes, firmly rejecting turning $ten,500 resistance into back up.

Bitcoin 7-day cost chart. Source: Coin360

The motives behind the event remain unclear, merely market participants are even so to evangelize a bearish verdict on Bitcoin overall.

For Cointelegraph Markets analyst Michaël van de Poppe, fifty-fifty fresh losses would not necessarily be a cause for business.

"...I'm not seeing anything ultra bearish in item," he summarized in a tweet on Fri.

"And then far: Merely a corrective move in an upwards-trending market. Even $8,800 wouldn't be that bad."

Every bit Cointelegraph reported, technical metrics are as well fuelling connected optimism among other analysts.

Historically, 2022 remains a record year for volume-weighted boilerplate price. On the back of 35% returns year to date, some other indicator suggests that Bitcoin is in the middle of a bull bike which could last as long every bit 570 more days.

Several prominent figures have delivered highly bullish brusque-term toll forecasts — these include a $27,000 cost tag by August from Fundstrat's Tom Lee. Before this week, Max Keiser said he had quadrupled his longer-term price target.

Altcoins pause only gain market share

Altcoins meanwhile put in broadly copycat moves as Bitcoin'south lack of momentum appeared to stifle progress.

Across the height twenty cryptocurrencies past market cap, moves of around 1% characterized markets, only Litecoin (LTC) breaking the trend with three% 24-hour gains.

Ether (ETH), the largest altcoin, was stationary compared to Friday and trading at just in a higher place $260.

Ether 7-twenty-four hours price chart. Source: Coin360

The overall cryptocurrency market cap was $280 billion at printing time, with Bitcoin'southward share at 62.7% — its lowest since July 2022.

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