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Bitcoin Falls Back to $59K as Bulls Struggle to Hold Key Resistance; AI Cryptos Lead Decline

30/08 17:37

According to CoinDesk: Bitcoin (BTC) attempted to regain momentum once again during Thursday's U.S. trading session, with the price falling below $59,000 after briefly climbing above $61,000. Despite the dip, BTC managed to hold onto a 0.6% gain over the past 24 hours, in line with the broader market, as reflected by the CoinDesk 20 Index. However, Ether (ETH) faced slight pressure, down 0.5%, just above the $2,500 mark.The day’s most significant losses were seen in artificial intelligence-focused cryptocurrencies, which tumbled following a sharp decline in Nvidia's (NVDA) stock. Nvidia, a leading chipmaker, saw its shares drop by 6.4% after releasing its quarterly earnings report on Wednesday evening. This decline weighed heavily on AI-related tokens, with Render (RNDR), Artificial Superintelligence Alliance (FET), and Bittensor (TAO) all falling between 7% and 10%. U.S. equities also struggled, with early gains evaporating by late afternoon. The tech-heavy Nasdaq led the retreat, dropping 0.3% after being up more than 1.5% earlier in the day.Crypto bulls needed to push Bitcoin’s price past $61,000—above critical short-term moving averages on the 4-hour chart—to have a meaningful chance of rallying toward the upper end of its recent range. The current price action suggests that the crypto market is likely headed for more consolidation as the recovery from early August’s dip below $50,000 continues to lose steam. Since reaching an all-time high of $73,000 in March, Bitcoin has been stuck in a downtrend, consistently making lower and lows.

Bullish

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