Benzinga - Despite a grim outlook for the crypto market, Bitcoin‘s (CRYPTO: BTC) steadfast position above $25,000 is a positive sign, states Wolfe Research.
As per a report by CNBC, the crypto market continues to face challenges with low volume and liquidity, which has pulled it down throughout the year. However, Bitcoin has remained steady, trading between $25,000 and $30,000.
Rob Ginsberg of Wolfe Research noted that despite substantial crypto liquidations this week, Bitcoin’s resilience continues to shine through.
“While the resiliency of Bitcoin continues to be the one silver lining, it's growing increasingly clear just how alone it stands,” Ginsberg said.
See Also: Anthony Scaramucci Says Bitcoin Will Have ‘Value Over Time,’ Could Hit $150K To $250K On BTC ETF Launch
Although Bitcoin is up about 61% this year, it’s still off its all-time high by as much and has underperformed equities for most of the past two years. Ginsberg also pointed out the pressure from high Treasury yields and the ongoing Israel-Hamas conflict.
Despite the downturn in crypto stocks, Wolfe Research suggests they may be finding support now. Ginsberg also highlighted the Bitwise Crypto Industry Innovators ETF, which is back to its February highs and up about 90% this year.
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