As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends. Today, observing Bitcoin’s (BTC) price action feels like déjà vu. The bounce attempt fading yet again is reminiscent of a rubber band being stretched and released repeatedly – it’s bound to lose its elasticity eventually.
During the U.S. trading session on Thursday, Bitcoin (BTC) once more failed to regain momentum, with its price falling back under $59,000 after briefly rising above $61,000 previously.
As a crypto investor, I’m observing that Bitcoin, my digital asset of choice, is maintaining some of its recent growth from the past 24 hours, inching up by 0.6%. This alignment with the broader CoinDesk 20 Index indicates a positive trend for the market as a whole. However, Ether, the second-largest cryptocurrency, seems to be struggling a bit, currently down 0.5%, and barely holding above the $2,500 price mark.
In simple terms, U.S. stocks initially rose, with the Nasdaq, which includes many technology companies, leading the way. However, approximately 40 minutes before market close, these stocks began to lose ground, and the Nasdaq was down by 0.3%. Earlier in the day, the stocks had risen more than 1.5%.
According to the anonymous crypto analyst known as Skew, for bulls to significantly increase their chances of pushing prices upward towards the higher end of the price range, they would need to surpass $61,000 and break through crucial short-term moving averages on a 4-hour timeframe.
Based on current market trends, it seems like the cryptocurrency sector is likely experiencing more stability rather than significant growth, as the rapid rebound from the August dip below $50,000 appears to be slowing down. The top cryptocurrency has been on a downtrend since reaching an all-time high of $73,000 in March, with both its highs and lows decreasing progressively ever since.
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2024-08-29 22:45