Although the overall Bitcoin metrics haven’t turned bearish, the fall of Bitcoin support from $60,000 is an ongoing concern for short-term price targets.
Bitcoin metrics in the crypto market have turned neutral since the week started. Meanwhile, Bitcoin’s support, floating around $60,000 for days, has faced a dip in the last 24 hours. This key price metric could be a catalyst for the crypto market in the next few days. On the other hand, the price momentum in other altcoins has also staggered over the same period.
Last week, analysts pointed out in market research reports about a dip in the short-term. However, they pointed towards similar instances in the past, when it was succeeded by market rebounds. As a result, one may witness a recovery in BTC if it bottoms out again in the range between $50,000 and $60,000. Similar price patterns have also existed since July 2024, with elevated levels of market volatility.
Another major hindrance to a broad rally has been the absence of price support for BTC at $70,000. It has repeatedly faced resistance at this point. A few sources, including the spot ETFs, may play a part in gathering support for BTC at this level in the future. At the same time, ETH has maintained its market cap of over $300 billion. If it continues to do so longer, one may see renewed bullish sentiments for the token.
BTC/USD 1D price chart
Bitcoin is currently trading at around $58,400 on August 12, 2024, with BTC/USD trading lower by a margin of around 4% in the last 24 hours. Bitcoin’s market cap was trading at around $1.1 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (around 63,000), as BTC’s 24-hour volume was at approximately $17 billion. The global crypto market cap decreased by around 4%, trading above $2 trillion. BTC’s year-to-date returns are above 39%.
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