The cryptocurrency market has calmed down in the past 24 hours. Its total capitalization is around $2.29 trillion, which is more or less where it was yesterday.

Bitcoin, as well as the majority of large-cap altcoins, saw relatively low volatility and are consolidating. This is expected price action during weekends when volumes are traditionally lower.

Bitcoin Price Calms Down at $63,000

As we reported yesterday, the market achieved a considerable recovery, with Bitcoin’s price increasing to more than $63,000 despite its previous dip below $59,000. It appears that the rally has somewhat run out of steam.

The price has been unable to continue higher and is currently consolidating around the $63K mark.

From a technical standpoint, the 200-day moving average is currently located around the $63.4K mark. This means that the current consolidation might be in preparation for another run-up.