The price of Bitcoin (BTC) is virtually unchanged on the 24-hour chart, down 0.56% and trading near USD 33,200 at the time of writing.

The overall cryptocurrency market was flat on July 2 as the U.S. Fourth of July weekend approached. The lack of trading volume coincided with a slight USD 5 billion decline in total cryptocurrency market capitalization to its current value of USD 1.378 trillion.

Bitcoin hovers near USD 33,500

The overall weakness in the altcoin market is due to the fact that the Bitcoin price is still struggling below USD 33,400, and many traders seem to have gotten an early start to their 4th of July weekend.

Data shows that the BTC price has traded in a narrow range between USD 32,650 and USD 34,000 on July 2, as traders continue to wait for a major news or on-chain development to initiate a significant price move for the market's largest cryptocurrency.

Bitcoin's "negative" daily chart means that bulls must defend the USD 29,000 level, notes Peter Brandt
The general perceived mood in the market is one of uncertainty, as shown in the following tweet from Filbfilb, an independent market analyst and co-founder of the Decentrader trading suite, who remains "undecided on what's going to happen next" and is "waiting for blood."