- Bitcoin trades in a tight range as cautious investors keep volumes low.
- $220M in Bitcoin long positions liquidated after weak U.S. jobs data.
- Analysts highlight Bitcoin’s record hash rate, ensuring its top blockchain security.
Bitcoin (BTC) held steady over the weekend, trading between $54,000 and $55,000 despite a volatile market. Lower trading volumes reflected investor caution following the U.S. jobs data, which triggered over $220 million in long position liquidations on Friday.
Other major cryptocurrencies followed a similar trend, with modest gains observed across Ethereum (ETH), Solana (SOL), Cardano (ADA), Ripple (XRP), and Tron (TRX). Mid-cap tokens, however, saw more significant gains, with memecoin Neiro (NEIRO) and the BitTorrent token (BTT) jumping 25%.
Analysts Underscore Bitcoin’s Robust Network Security
While recent attention on Bitcoin’s price has largely been affected by macroeconomic factors, analysts Presto, Peter Chung, and Min Jung highlighted the importance of network security as a fundamental aspect supporting Bitcoin’s value.
They pointed out that the network hash rate of Bitcoin has hit a record high of 679 EH/s that makes Bitcoin the most secure blockchain in the world.
Read also: Bitcoin Cash Network Sees Record Hash Rate Spike, But Price Dips
Some traders suggested that lower than expected US payroll data for the previous month pointed towards a weak labor market, while lower unemployment rates eased fears of a recession.
Lucy Hu, a senior analyst at Metalpha, explained that these economic metrics have acutely affected the market mood and have contributed to the increased price fluctuations in the crypto market before the next Federal Reserve meeting.
As of press time, Bitcoin was priced at $54,974.64, with a trading volume of $22.2 billion. Bitcoin recorded an increase of 0.92% in the last 24 hours, reflecting a cautious but potentially bullish market sentiment as investors await further economic developments.
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