Bitcoin has halted its advance to $60k after a notable rejection at $59,803. It failed to continue the previous day’s uptrend and is down by over 2% at the time of writing.
The apex coin is struggling to reclaim $58k after it dipped to $57,500 a few hours ago. Trading volume drops by over 6% in the last 24 hours as traders lose interest.
What Caused the Change in Trajectory?
The apex coin was en route to $60k but retracted as traditional stocks registered notable declines. The US stock market shaded off over $1 trillion in the last 24 hours as traders panic sell, leading to massive crash in value.
Oruka Therapeutics, Inc. lost over 92% in the last 24 hours, making it the top loser. Windtree Therapeutics, Inc. lost 60%, and Faraday Future Intelligent Electric Inc. lost over 30%.
The dip also affected major stocks: Apple Inc. lost almost 3% and is down, and Microsoft Corporation is down nearly 2%. NVIDIA Corporation is the biggest loser in the last top 10, as it lost almost 10% in the previous 24 hours.
One speculative reason for the dip is the growing fear of a global recession. Many investors are removing their funds from major assets, and the latest Japanese Federal Reserve interest rate hike heightened this fear.
Nonetheless, the crypto market remained relatively calm despite the massive dips affecting the other sectors.
How is Bitcoin Reacting?
The one-day chart has not significantly changed from its previous reading. It continues to print bearish signals, with indicators like the moving average convergence divergence continuing their downhill movement.
Nonetheless, the relative strength index dropped from 46 to 43 in reaction to the latest increase in selling pressure.
BTC is also maintaining $57k support amidst the ongoing decline. It has held on to this mark for almost twenty days and must continue holding it, as a slip could send the apex coin also to $54k.
It is worth noting that bitcoin is trading close to its second pivot, indicating a possible leap to reclaim it.
Elendu Benedict | September 4, 2024
