Synopsis
At 1:54 pm IST, Bitcoin was trading at $58,027, a decrease of nearly 0.5%, while Ethereum had slipped by 0.9% to $2,461. The past week has been challenging for Bitcoin, with a drop of nearly 9%, following a 10% decline in August after briefly reaching $64,000 earlier that month. Edul Patel, Mudrex CEO, attributed Bitcoin’s dip below $60,000 to increased selling pressure and outflows from Bitcoin spot ETFs. He warned that if this trend continues, Bitcoin could fall to the $55,700 support level.
Major cryptocurrencies experienced losses on Monday, with Bitcoin falling below $58,100 and Ethereum dipping below the $2,500 mark. The global cryptocurrency market cap also decreased by 1.9% to approximately $2.01 trillion over the past 24 hours.
As of 1:54 pm IST, Bitcoin was trading at $58,027, down nearly 0.5%, while Ethereum had declined by 0.9% to $2,461. Over the past week, Bitcoin has dropped nearly 9%, and fell 10% in August after briefly reaching $64,000 earlier in the month.
Edul Patel, CEO of Mudrex, commented, “Bitcoin’s drop below $60,000 was driven by rising selling pressure and outflows from Bitcoin spot ETFs. A further decline could push it toward the $55,700 support level.”
Crypto Tracker
TOP COIN SETSBTC 50 :: ETH 50-8.53% BuySmart Contract Tracker-9.82% BuyNFT & Metaverse Tracker-11.36% BuyDeFi Tracker-12.87% BuyWeb3 Tracker-13.60% BuyTOP COINS (₹) Tether84 (0.01%)BuyBitcoin4,867,571 (-0.59%)BuyEthereum207,184 (-0.82%)BuySolana10,892 (-1.61%)BuyBNB42,825 (-2.08%)BuyThe CoinDCX Research Team noted, “The crypto market closed the month negatively, with September historically being poor for returns. Factors like the US presidential election, potential rate cuts, and ETF inflows might affect this trend. Increased volatility could follow with upcoming US unemployment data.”
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View Details »Altcoins also faced declines, with BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Shiba Inu, Chainlink, and Polkadot slipping up to 4% in the last 24 hours.
Stablecoins made up 91.95% of the total 24-hour crypto market volume, which was $51.41 billion, according to .
Bitcoin’s market cap fell to $1.146 trillion, with its dominance at 56.47%. The 24-hour trading volume for Bitcoin surged by 73% to $26.9 billion.
Tech view by ZebPay Trade Desk
The price has been struggling under heavy selling pressure and is on track for a weekly decline of over 9%. Bitcoin has consistently formed lower highs over the past few months, signalling a bearish trend. This puts the burden on the bulls to defend key support levels.
Meanwhile, markets are anticipating a major catalyst with a potential rate cut by the U.S. Federal Reserve in September.
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Over the past three weeks, Bitcoin has continued to trade sideways in a broad range from $56,000 to $65,000 with low volumes. On the weekly chart, we can see that the asset is trying to make a ‘Bullish Flag’ pattern. BTC has also struggled to sustain and give a weekly closing above the $70k mark. To witness a rally, it needs to give a breakout above the pattern with good volumes and the prices have to sustain above $70,000. The asset has a strong resistance at $66,500, whereas $56,000 and $52,500 will act as strong support.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
