Cryptocurrency Market Trades Sideways Amid Low Volatility

The cryptocurrency market is experiencing low volatility on Tuesday, with major assets like Bitcoin and Ethereum trading sideways. According to Coinglass data, 64,687 traders were liquidated in the past 24 hours for $242.91 million. This comes as spot Bitcoin ETFs saw net inflows of $297.6 million on Monday, while spot Ethereum ETFs had net inflows of $30.85 million.

The market's lack of momentum has some analysts predicting that Bitcoin needs to stay above $63,000 for fresh upside, according to 10x Research. This is in line with the views of Tom Lee, who says ETH's first breakout since October would be 'good to see.' Meanwhile, XRP whale activity surged 280% but its price remains around $1.

Crypto traders are also weighing in on the market's prospects. Jelle argues that Bitcoin appears to be in the late stages of its bear market, with spot exchange volume at its lowest since 2019 and more than half of supply underwater. This has led some to speculate that a potential accumulation opportunity may be forming.

Other traders are cautioning against focusing too much on price targets, with Trader KillaXBT noting that Bitcoin has consolidated above $61,000 for nearly two months without breaking out of its range.