BTC price at the time of writing is hovering above $59,000 and has yet to surpass the $60,000 threshold. The weekend’s lack of volume combined with BTC’s failure to attract interest at higher levels may result in the price lingering in the current range for two days. This situation could open the door for a weak recovery for altcoins.
Bitcoin (BTC)
The BTC price rose to $59,817 and is now at $59,170. Investors who capitalize on dips are making quick sales at subsequent peaks. This results in selling pressure exceeding demand at higher levels, causing the cycle to restart. During similar periods of price compression, unexpected upward breaks have previously sidelined traders operating in narrow ranges.
Whether we will see a similar scenario again is unknown, but historical data suggests we should. Many altcoins are lingering at last year’s low levels. Some altcoins have seen even deeper lows this year. If BTC does not reclaim and solidify its position at $63,000 soon, altcoins may experience further declines.
Closures above $56,600 are positive for now. However, the price is stuck between $61,800 and $56,000. A positive short-term development would be the formation of higher lows. For now, bulls have started to do this, and with daily closures above $58,700, the $60,000 target can be revisited.
Subsequently, the thresholds of $61,800 and $63,000 will come into focus. The price level to maintain the upward trend is $63,653.
Latest Developments in Crypto
Fed members’ recent statements indicate a rate cut in September (implicitly or explicitly). Employment data has started to become concerning, and inflation is falling as desired. Some Fed members even say they did not expect such rapid easing to result in this scenario a year ago.
Therefore, rates will drop as of September. This expectation needs to have a greater impact on the markets.
Rumors about the withdrawal of Solana ETF applications slightly pulled down the SOL Coin price. Although no official step has been taken yet, this rumor has spread among investors. Meanwhile, Franklin applied for a Crypto Index ETF consisting of BTC and ETH just hours ago.
