**Crypto Market Update: Bitcoin and Altcoins Under Pressure**
Bitcoin (BTC) has retreated to the middle of its $55,724 to $73,777 range after failing to break the $70,000 resistance. Historically, August hasn't been a strong month for BTC, with an average rise of just 2.24% since 2013. Global equity market weakness, highlighted by a 6% drop in Japan's Nikkei, adds to the uncertainty.
BTC's $60,000 support is crucial. A drop below could see it testing $55,724. Analysts like Willy Woo remain optimistic long-term, suggesting institutional investment could push BTC to $700,000.
Other cryptocurrencies are also facing challenges:
- **Ether (ETH)**: Struggling below $3,080, with potential to drop to $2,850.
- **BNB**: Trading between $495 and $635; a dip below $550 could lead to further declines.
- **Solana (SOL)**: Testing support at $152; failure here could see it drop to $116.
- **XRP**: Fell below $0.57, likely to trade between $0.41 and $0.64.
- **Dogecoin (DOGE)**: Below $0.12, risks falling to $0.10.
- **Toncoin (TON)**: Below $6.36 could lead to deeper corrections.
- **Cardano (ADA)**: Below $0.38, could slide to $0.33.
- **Avalanche (AVAX)**: Below $24, risks dropping to $21.80.
- **Shiba Inu (SHIB)**: Below $0.000015, could plummet to $0.000013.
Investors should remain cautious and conduct their own research before making any decisions.
