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Bitcoin Returns to $59K as Bulls Fail to Flip Key Resistance; AI Cryptos Lead Losses
AI-focused tokens such as FET, Render's RNDR and Bittensor's TAO slipped 7%-10% following Nvidia's post-earnings slump.
Updated Aug 29, 2024, 11:43 p.m. Published Aug 29, 2024, 7:17 p.m.
Bitcoin's attempt for a bounce faded yet again during Thursday's U.S. trading session, the price breaking back below $59,000 after climbing above $61,000 earlier.
BTC was still holding on some of its gains over the past 24 hours, up 0.6%, in line with the broad-market CoinDesk 20 Index. Ether was down 0.5%, barely holding above the $2,500 price level.
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Artificial intelligence focused cryptocurrencies led losses, dragged lower by chip making giant Nvidia's (NVDA) 6.4% slide after reporting quarterly results Wednesday evening. Native tokens of Render , Artificial Superintelligence Alliance and were lower by 7%-10% for the day.
U.S. stocks also gave up early-day gains, led by the tech-heavy Nasdaq, lower by 0.3% 40 minutes before the closing bell after being higher by more than 1.5% earlier.
Bulls would have needed to push prices past $61,000, above key short-term moving averages on the 4-hour timeframe, to have a meaningful odds to rally to the upper side of the range, pseudonymous crypto analyst Skew pointed out.
$BTC 4H
— Skew Δ (@52kskew) August 29, 2024
Crucial hours ahead for systematic confirmations on trend
so far there's a backtest of 4H EMAs here & RSI
typically 4H systematic trend tends to dominant & respectful flows come in later
still need to see more from buyers to get confirmations to target $70K
-… pic.twitter.com/h7ANciSvFs
The price action suggests that crypto markets are in for more consolidation as the quick recovery from the early August plunge to below $50,000 continues to fizzle. The largest crypto has stuck in a downtrend since its all-time record of $73,000 in March, making lower highs and lower lows ever since.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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