Bitcoin Edges Lower in the Absence of Catalysts — Market Talk

Bitcoin edges lower in Asian trade. The cryptocurrency has traded around $64,000 for the past month, highlighting how quiet the market has become, K33 Research analysts say. Average daily spot volume fell another 18% last week and volatility hit near three-year lows. "A slow market gives traders very little reason to participate," they say. While traders appear reluctant to take a clear position in either direction, sellers appear increasingly exhausted. Long-term holders are gradually absorbing coins again, K33 says. Still, bitcoin remains weak relative to other assets, with no clear catalyst on the horizon to draw capital back into the market. Bitcoin is trading 0.1% lower at $63,507.87. ([email protected])