Crypto Market Consolidates Amid Weakening Dollar

The crypto market has been stuck in a narrow range, consolidating around its 50-day moving average despite the weakening dollar and equity market rally.

The top gainers over the past 24 hours were, with a 4.8% increase, followed by at 2.4%, and at 1%. However, roughly twice as many coins declined, with the biggest losses seen in, down 3.8%, down 2.7%, and down 2%.

Bitcoin has been trading below its 50-day moving average for four days, after an earlier attempt to break above it. On weekly timeframes, Bitcoin remains below the 200-week MA, solidifying the dominance of bears in both medium-term and ultra-long-term trends.

The price will only break out of consolidation and expect increased volatility once it surpasses the $62-65K range.