Market picture

The crypto market has significantly slowed its decline, losing 0.3% in the last 24 hours to $2.12 trillion. However, this calm is more due to a lull ahead of major news than a change in sentiment.

Bitcoin remains just above its 50-day moving average at $61,150 and is virtually unchanged for the day. The prolonged consolidation sets up a strong move in the event of a breakout or bounce from a key level. A local victory for the bulls can be declared on a break above $64K and for the bears on a failure below $60K.

Ethereum is trading at $2,380 (-0.3% in 24 hours), near the bottom of its range since early August. The lacklustre performance of the second-largest cryptocurrency <wbr>is perhaps indicative of the market’s true sentiment, as it is less tied to traditional finance.