At the time of writing, the BTC price is trading above $59,000 but has yet to break the $60,000 level. The decline in trading volume over the weekend and the inability of BTC to find buyers at higher levels make it expected for the price to fluctuate in this range. This could create a weak recovery opportunity for altcoins.
Bitcoin (BTC)$BTC
The BTC price rose to $59,817, but is currently down to $59,170. Investors who evaluate the bottom levels are over-meeting the demand by selling quickly at the peaks, causing the price to return to the beginning. Historical data shows that sudden upward breaks have occurred in similar periods. Altcoins, on the other hand, continue to remain at last year's lows, while some have seen deeper lows this year. If BTC cannot regain $63,000 and consolidate this level in a short time, altcoins may experience greater value losses. Closing above $56,600 is considered positive. However, the BTC price is stuck between $61,800 and $56,000. Currently, bulls are aiming to make higher lows to raise the price to $60,000. Afterwards, the $61,800 and $63,000 levels may come to the agenda.
Latest Developments in Crypto
The latest statements from Fed members indicate that interest rates will be cut in September. Concerns about employment data and the downward trend in inflation indicate that this expectation may have a greater impact on markets.
On the other hand, rumors that Solana ETF applications will be withdrawn negatively affected the SOL Coin price. Although no official steps have been taken yet, this rumor has spread among investors. Franklin, on the other hand, applied for a Crypto Index ETF consisting of a combination of BTC and ETH.
If the BTC price closes above $56,600, it could be considered a positive development.
BTC reclaiming and consolidating $63,000 is critical to preventing altcoins from experiencing further losses.
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