Major cryptocurrencies were experiencing a downward trend on Sunday evening, reflecting a consolidated market in the midst of a prolonged period of monotonous trading activity.
Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT) Bitcoin (CRYPTO: BTC) -0.89% $29,167 Ethereum (CRYPTO: ETH) -0.75% $1836 Dogecoin (CRYPTO: DOGE) -2.39% $0.074
What Happened: BTC’s performance this year has been impressive, nearly doubling in price. However, it has faced challenges in maintaining a steady price above $30,000 in recent months. Since April, and particularly since mid-June, Bitcoin has encountered sudden reversals whenever it has attempted to surpass the $30,000 threshold.
FTX founder Sam Bankman-Fried has been sent to jail prior to his October trial on multiple financial crime charges. A federal judge revoked his release on bond on Friday afternoon, citing evidence that the former crypto heavyweight attempted to tamper with witnesses.
Top Gainer (24 Hour)
Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT) Hedera +10.45% $0.06 Thor Chain +6.39% $1.40 Ape Coin +1.77% $2.04
Currently, the global cryptocurrency market capitalization stands at $1.17 trillion, a 0.49% decrease in the last day.
Stock futures showed a modest increase on Sunday evening as Wall Street aimed to recover from a challenging start to August.
Futures linked to the S&P 500 edged up by 0.2%. The Nasdaq 100 futures advanced by 0.31%.
See More: Best Crypto Day Trading Strategies
Analyst Notes: Cryptocurrency analyst Michael Van De Poppe believes there is a high probability of upward momentum for Bitcoin in the near future.
"Extremely astonishing PA on Bitcoin lately," he summarized on the day.
"I'm still [favoring] upwards momentum to come and I think we’ve bottomed + are not getting that heavy correction. If we lose $29K however, then I'll be a buyer at $28.2K. Flip $29.7K = party time."
Extremely astonishing PA on #Bitcoin lately. I'm still favouring upwards momentum to come and I think we've bottomed + are not getting that heavy correction.If we lose $29K however, then I'll be a buyer at $28.2K.Flip $29.7K = party time. pic.twitter.com/idxE8CNq3O
— Michaël van de Poppe (@CryptoMichNL) August 12, 2023
Pseudonymous analyst CredibleCrypto, said that BTC is currently experiencing a phase of remarkably low volatility, a period known as compression. This expert suggests that this compression phase will ultimately pave the way for expansion in the future.
"Historic compression leads to historic expansion… Imagine looking at this chart and thinking ‘Yea, $10,000 incoming.' A ticking time bomb till bear extinction. BTC."
Photo Courtesy: Shutterstock.com
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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