Bitcoin Drops to $30K, KAVA Down 12% on the Day (Market Watch)

Most of the cryptocurrency market fell towards lower levels in the last 24 hours. It is worth noting that with a few exceptions, the decline is modest.

Bitcoin price is consolidating within a range between $30K and $31K, but it is moving closer to the former. Let’s dive in.

BTC price dropped to $30K

Bitcoin price failed to cross $31K yesterday, and the bears took advantage. They were able to push the price down in a few big red candles. It hit a low of $30,200 (on Binance), and is currently trading at around $30,400 with a 1% loss on the day.

It is worth noting that the increased volatility comes amid this month’s CPI announcement. The Bureau of Labor Statistics published the figures yesterday, and they came in lower than expected. Bitcoin price reacted immediately (as seen in the chart above), but bulls were unable to sustain the momentum.

Altcoins are also inconclusive

Barring a few notable exceptions, the altcoin market has also seen a slight decline across the board. Right from the start, we can see that Litecoin (LTC) continues to perform well and is up around 3.5% on the day. Chainlink, UNI, BCH, and ETC are other major altcoins trading in the green, albeit slightly.

The biggest loser coin during the day was KAVA, down 11% in 24 hours. Then there are Algorand and Maker.

On the other end of the spectrum, there is Caspa’s KAS, which is up 9.2% over the past day, making it the best performer. Due to this, its total weekly profit has also increased to 25%. In fact, the performance of KAS during the last seven days has also been the best ever.

Overall, the market appears to be in a consolidation phase, and the CPI announcement did little to change that. It’s also worth noting that these long periods of range-bound trading are precursors to larger moves in either direction.