Market Wrap: Bitcoin Slips to $30.8K While Investors Plow BTC Back Into DeFi

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Bitcoin has been in a $30,000-$35,000 range for almost a week at a time when some market participants are seeking out ether and other crypto to trade during the perceived doldrums.
Bitcoin (BTC) trading around $32,003 as of 21:00 UTC (4 p.m. ET). Slipping 4% over the previous 24 hours.
Bitcoin’s 24-hour range: $30,875- $32,967 (CoinDesk 20)
BTC above the 10-hour but below the 50-hour moving averages on the hourly chart, a sideways signal for market technicians.
Bitcoin’s price fell Tuesday, going as low as $30,875 around 15:00 UTC (10 a.m. ET) before coming back up, changing hands around $32,003.

The drop occurred after the world’s oldest cryptocurrency reached nearly $35,000 on Monday, noted Constantine Kogan, partner at investment firm Wave Financial, who is also bearish on current market conditions. “I expect a decline to $29,000,” he told CoinDesk. “Apparently some of the holders and whales sold off their positions.”
Kogan noted some positive news this week that didn’t move the bitcoin market much. “Marathon has invested $150 million in bitcoin and intends to become the largest miner in the world,” he said. “Crypto funds are raising records, but there was no growth at the same time.”
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