Crypto price support remains steady amidst sell-offs

The crypto price support across multiple tokens in the market has been firm despite the bearish pressures increasing in the last two days.

Bitcoin has experienced another dip during the weekend, with a correction that has spilled over to other tokens. However, the crypto price support on a broader level has remained stable. This could be mainly due to the BTC price support holding $60,000 without any signs for a further dip.

Several factors likely contributed to the weekend’s market downturn. Firstly, the overall macroeconomic environment continues to be a significant influence. Interest rate hikes, inflation concerns, and geopolitical tensions can create uncertainty among investors, leading to risk-off sentiment. The crypto market is particularly susceptible to such market conditions.

The inherent volatility of the crypto market could have also played out. Early this week, volatility was subdued, but it has since surged.

Regulatory developments are one of the other factors affecting the crypto market. Although there has been no major global development in this regard, localized regulatory policy movements can also impact the crypto market. While regulatory clarity is essential for the long-term growth of the industry, such decisions can thus affect short-term fluctuations.

For those with a long-term investment horizon, buying during periods of market weakness can be a strategic move.

Presently, several tokens are down with single-digit margins and slight selling pressures.

BTC/USD 1D price chart

Bitcoin is currently trading at around $60,800 on August 4, 2024, with BTC/USD trading lower by a margin of around 1.9% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.

BTC/USD is trading lower than its 20-day EMA (around 63,400), as BTC’s 24-hour volume was at approximately $27 billion. The global crypto market cap decreased by around 2%, trading above $2.1 trillion. BTC’s year-to-date returns are above 48.7%.

Join Millionero to begin crypto trading seamlessly!

Press ESC to close