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Market Wrap: Do-Nothing Markets Stay Steady as Bitcoin Sticks to $9,200
A quiet bitcoin market has investors remaining hopeful of future improvement.
Updated Sep 14, 2021, 9:30 a.m. Published Jul 14, 2020, 8:39 p.m.
Markets globally are mostly flat Tuesday, and bitcoin is trading sideways along with them.
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- Bitcoin trading around $9,264 as of 20:00 UTC (4 p.m. EDT). gaining 0.43% over the previous 24 hours.
- Bitcoin’s 24-hour range: $9,099-$9,275
- BTC above 10-day and 50-day moving average, a bullish signal for market technicians.
The price of bitcoin is stuck in the $9,200 price range as low volumes continue to plague the markets, said Katie Stockton, an analyst for Fairlead Strategies. “Bitcoin has been tethered to its 50-day moving average recently after having suffered a loss of short-term momentum in June.” Bitcoin’s 50-day moving average is around $9,240 as of Tuesday.
Read More: Bitcoin Volatility Metrics Are Like November 2018 All Over Again
Stockton says anything above that level would be a sign of bullish sentiment. “We would view a decisive move above the 50-day MA as an incremental positive because it would help prevent intermediate-term momentum from turning negative,” she added.
The summer doldrums for the bitcoin market likely started not long after the May 12 halving, said David Lifchitz, chief investment officer for Paris-based quantitative trading firm ExoAlpha.
“Bitcoin has been trading very technical post-halving since mid-May, essentially bouncing into a $8,100-$10,400 band,” Lifchitz said. “Since mid-June, Bitcoin has gone nowhere moving in a very narrow range of $9,000-$9,400,” he added.
Read More: Bitcoin Halving 2020, Explained
Sasha Goldberg, senior trading specialist for crypto firm Efficient Frontier, said markets overall might not be pricing in the long-term economic impacts of the coronavirus yet. “Right now it seems that the markets are disconnected from what’s going globally. I think bitcoin will continue to stay in the range of $8,900-$9,400,” he said.
Still, bitcoin is up almost 30% this year. Sweden-based over-the-counter trader Henrik Kugelberg said economic uncertainty bodes well for bitcoin as investors look for places to sock away money. “People are anticipating a real bad global fall, with the actual toll of the first six months not seen until Q4,” he said. “I believe more and more asset managers are at least shifting some portfolio percentages into bitcoin.”
Uniswap dominating DEXs
The second-largest cryptocurrency by market capitalization, ether , was up Tuesday, trading around $241 after climbing 1.3% in 24 hours as of 20:00 UTC (4:00 p.m. ET). For the year, ether is up 75%, and part of that story has been the growth of decentralized finance (DeFi).
The decentralized exchange, or DEX, Uniswap, which has been deployed since late 2018, is seriously taking on early mover advantages. With over $33 million in daily volume, Uniswap is conquering almost 60% of the DeFi market.
Efficient Frontier’s Goldberg said other DEXs rely on Uniswap because of the platform’s diversity of offerings, which helps its volume numbers. “Uniswap has other services like flash loans and they are powering some other DeFi projects,” Goldberg told CoinDesk. “I also believe that some DEX’s are hedging their positions in Uniswap.”
Other markets
Digital assets on the CoinDesk 20 are mostly in the green Tuesday. Notable winners as of 20:00 UTC (4:00 p.m. ET):
Read More: CoinDesk Quarterly Review, Q2 2020
Notable losers as of 20:00 UTC (4:00 p.m. ET):
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Equities:
- In Asia the Nikkei 225 ended the day down 0.87% as losses in transportation stocks led the Japanese index lower.
- In Europe the FTSE 100 closed flat, up only 0.06%, on concerns about the coronavirus continuing to affect the economy.
- The U.S. S&P 500 index gained 1.4% as reports of slowing coronavirus cases in hot-spot states boosted stocks.
Read More: Fidelity to Custody Bitcoin in Kingdom Trust Retirement Accounts
Commodities:
- Oil is in the green 1.6%. Price per barrel of West Texas Intermediate crude: $40.02
- Gold is flat Tuesday, up 0.37% at $1,809 per ounce
Read More: Bitcoiners Not Worried Fed Money Printer Has Stopped Going ‘Brrrr’
Treasurys:
- U.S. Treasury bonds were mixed Tuesday. Yields, which move in the opposite direction as price, were down most on the two-year bond, in the red 2.5%.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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