Bitcoin Returns to $59K as Bulls Fail to Flip Key Resistance; AI Cryptos Lead Losses
2024-08-30

Bitcoin's {{BTC}} attempt for a bounce faded yet again during Thursday's U.S. trading session, the price breaking back below $59,000 after climbing above $61,000 earlier.
BTC was still holding on some of its gains over the past 24 hours, up 0.6%, in line with the broad-market CoinDesk 20 Index. Ether {{ETH}} was down 0.5%, barely holding above the $2,500 price level.
Artificial intelligence focused cryptocurrencies led losses, dragged lower by chip making giant Nvidia's NNVDA 6.4% slide after reporting quarterly results Wednesday evening. Native tokens of Render {{RNDR}}, Artificial Superintelligence Alliance {{FET}} and Bittensor {{TAO}} were lower by 7%-10% for the day.
U.S. stocks also gave up early-day gains, led by the tech-heavy Nasdaq, lower by 0.3% 40 minutes before the closing bell after being higher by more than 1.5% earlier.
Bulls would have needed to push prices past $61,000, above key short-term moving averages on the 4-hour timeframe, to have a meaningful odds to rally to the upper side of the range, pseudonymous crypto analyst Skew pointed out.
The price action suggests that crypto markets are in for more consolidation as the quick recovery from the early August plunge to below $50,000 continues to fizzle. The largest crypto has stuck in a downtrend since its all-time record of $73,000 in March, making lower highs and lower lows ever since.