The value of Bitcoin (BTC) experience a decrease in 0.8%the main cryptocurrency is located stagnant in the $29,078.27 This Wednesday, August 16.
During the last 24 hoursbitcoin it has not managed to register significant advances in its price. The coin reached US$29,700, but unfortunately he could not hold this position.
Although volatility is present, at moderate levelsis considered a refreshing element in the industry, given the period of stability that characterized the market in the previous month. Now the interesting scenario arises as to whether the price will finally be able to break the narrow range in which it has been maintained (between 29k as a floor and 30k as a ceiling), or if the current situation will be extended.
Meanwhile, Ethereum (ETH) experiences a loss of 0.7% and stands at US$1,820. Overall, the market has suffered a decline in its market capitalization of 1.2% in the last day.
Actually, the conditions in the last days have not changed significantly. The leading cryptocurrency remains stuck at the $29,000 mark, with no clear sign of breaking through. this level due to the absence of catalysts that drive a new upward movement.
Bitcoin: what about ETFs
Let’s take as an example Bitcoin traded funds (ETFs). The proposals submitted by BlackRock and other major financial companies to create this type of investment instruments generated great interest in the market. However, the delay in the response from the Securities and Exchange Commission (SEC) has cooled remarkably the enthusiasm of the investors.
In addition, some experts consider that cryptocurrencies have been affected by fears at the macroeconomic level, especially after the US retail sales report for July beat expectations. Along these lines, the Atlanta Fed’s GDPNow model now forecasts rapid US GDP growth of 5% in the third quarter, suggesting that the Federal Reserve it could maintain or even raise interest rates instead of lowering them.
It is possible that the range in which Bitcoin is trading to expand through the rest of the summer, which could take it to test the $28,500 mark. On the other hand, at the high end, the key resistance to overcome is at $32,000.
In any case, it is undeniable that several weeks have passed in which the cryptocurrency leader has been experiencing moderate movements. This has not gone unnoticed by analysis firms such as K33 Research, who point out that the 30-day volatility of the largest token on the market is at its lowest levels since 2015.
As for the rest of the market, the fall of more than 4% in Ripple (XRP), Dogecoin (DOGE) and Solana (SOL) is notable. On the other hand, Binance Coin (BNB) falls back almost 2%, while Cardano (ADA) registers a decline of more than 3%.
Source: Ambito
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