It has been at the $19,000 level for about a month.
The largest coin by market cap was last down by 0.7% at $19,064.31. The price of ether dropped to $1,286.74.
The price of cryptocurrencies have fallen off their all-time highs from a year ago. If the coin fails to hold on to $19,000, it will need to retest its June lows of about $17,000 to find a new bottom. There have been slight breaks below that level.
The head of OTC trading at the BCB Group said that thecryptocurrencies were still slumbering. This sector won't bounce until broad risk happens.
Later this week, traders are watching economic data. The correlation between the two is high.
The market will likely refrain from taking risks, which in turn will likely put pressure on the price of bitcoins.
Despite the bear market, prices held steady after two big announcements. On Tuesday, the search engine giant said it would explore using the service of Coinbase to store and trade Cryptocurrencies. BNY Mellon will add cryptocurrencies to its assets as a custody manager.
Owen Lau said that large companies believed in the potential of digital assets. These companies are taking a long-term view to bulk up their capabilities to make sure they won't be behind in the future.
Franklin Templeton, Betterment, Société Générale and other wealth managers have ventured into the world ofcryptocurrencies.
Prices will likely stay the same for a while. The central bank needs to pull it back out after the Federal Reserve pushed it into the well.
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