Bitcoin Battles Range Bound as Equities Slide

The crypto market remains largely unchanged over the past 24 hours, hovering near $2.19 trillion in capitalization. However, there has been a widening of trading ranges among individual coins, with IOTA up 3.9%, Polkadot up 2.8%, and Hedera up 2.5% as top performers. In contrast, Immutable fell by 5.6%, Near Protocol dropped 3.6%, and Internet Computer decreased by 2.9%. Notably, the crypto market has shown little correlation with equities, which saw a significant decline on Tuesday.

Bitcoin struggled to maintain its level above $65,000, experiencing selling pressure that pushed it down to $64,300. The price action suggests a battle for control around the $63,700 level, with a break out of the $62,700-$65,300 range needed to determine direction.

Bitcoin's performance has been underwhelming compared to equities over the past three months, with the cryptocurrency beating the S&P 500 index in only 37.8% of trading sessions, a six-year low according to Glassnode. Sentiment remains positive in the derivatives market, with most traders holding long positions.