Bitcoin Price Edges Up. Why the Crypto Rally Has Fizzled Out.

Bitcoin is trading about 3% off its record high. (MLADEN ANTONOV/AFP via Getty Images)

Bitcoin was climbing Wednesday, although the world’s largest cryptocurrency was still struggling to build momentum as it traded short of its all-time highs.

The digital asset was trading at $108,762, up 0.3% over the past 24 hours, according to data from CoinDesk It’s still about 3% off the record it hit back in May.

Other digital assets were also rising. Ethereum rose 3.1%, Solana climbed 2.5%, and XRP added 3% over the past 24 hours, per data from the crypto exchange Kraken.

Created with Highcharts 9.0.1BitcoinSource: Kraken

Created with Highcharts 9.0.1June 11July98,000100,000102,000104,000106,000108,000110,000$112,000

Bitcoin has traded within a tight range over the past two weeks: Since June 24, it’s not fallen below $105,900 or risen above $110,000.

It’s good news for the token that it hasn’t sold off during a recent bout of tariff uncertainty, but crypto bulls will be hoping that the lack of price action isn’t a sign the crypto rally has fizzled out.

“Bitcoin’s short-term momentum is weakening at the range highs,” analysts for the crypto trading platform Bitfinex said in a report published Tuesday. “This signals a lack of follow-through strength and suggests that bulls are hesitant or unable to push prices significantly higher without fresh catalysts or clearer macro signals.”

Write to George Glover at george.glover@dowjones.com