Bitcoin Trades Flat as Other Top Crypto Tokens Show Mixed Price Action
Bitcoin remained mostly flat on Tuesday while other major cryptocurrency tokens experienced mixed price action. Traders are betting against price turbulence and it is unlikely that Bitcoin will receive a bullish catalyst in the near future. Meanwhile, the market is eagerly awaiting key inflation data from the US, which is due later in the week and is expected to provide insight into future trends.
Mild Gains for Bitcoin, Ethereum Trading Lower
Bitcoin saw mild gains compared to the previous day, remaining above the 29,000-mark. However, its largest peer, Ethereum, was trading lower, falling about half a per cent, but remaining above the $1,800-level. Other major altcoins also experienced downward price action in the early hours.
Range-Bound Market with Neutral Sentiment
Despite the mixed price action, the crypto market continues to remain range-bound. The Crypto Fear and Greed Index jumped 5 points and remains in the neutral zone with a score of 54/100. Shubham Hudda, Senior Manager of CoinSwitch Markets Desk, noted that Bitcoin continued to experience flat price action trading in a small range, while other major altcoins booked small losses.
Positive Price Action for Ethereum-Based Layer 2 Solution
In the past few days, the Ethereum-based layer 2 solution, Optimism, has seen positive price action for 5 continuous weeks, with a 50 per cent increase in value during this period. This surge has largely been attributed to the fact that Coinbase’s own layer 2 solution, BASE, is also based on the open-source OP stack.
Mixed Price Action for Top Crypto Tokens
On Monday, most top crypto tokens were trading lower, with Shiba Inu, Dogecoin, and Polygon experiencing notable losses. Only Bitcoin Cash gained more than 2 per cent. The global cryptocurrency market cap was also trading slightly lower, falling to the $1.16 trillion-mark, with a surge in total trading volumes to $32.37 billion.
Tech View by WazirX Trade Desk
The native token of a decentralized commerce-centric play-to-earn metaverse, HIGH Token, has surged by over 50 per cent in the last 3 weeks. The weekly trend for HIGH has broken out of the descending triangle pattern with a build-up of buying volumes. The next resistance is expected at $1.63, with an immediate support at $1.33 levels.
Disclaimer
The views and recommendations provided are solely those of the analysts and do not represent those of Business Today. It is advisable to consult a financial adviser before taking any position in the mentioned assets.

I have been featured in numerous publications, both online and offline, and am a regular speaker at industry events. I am also the founder of Crypto University, an online educational platform that helps people learn about cryptocurrencies and blockchain technology. In addition to my writing and teaching career, I am also an active investor in the cryptocurrency space. I have made investments in some of the leading projects in the space, and my portfolio has outperformed the market by a wide margin