BTC Faces Difficulty Holding $59K While Certain Altcoins Defy Market Sentiment

The disappointing price trajectory of Bitcoin (BTC) persisted as it once again dropped below $58,000, only to slightly rebound to just over $59,000. Similarly, many major altcoins are experiencing declines, with ADA, NEAR, and TRX all falling by more than 2% each day. Interestingly though, FET, UNI, AAVE, and LTC are among the few altcoins in the green, defying market sentiment. ETH, XRP, DOGE, and BNB have also shown minimal gains.

Bears Triumph

The leading cryptocurrency had a rough week despite early positive signs. Last Friday, Bitcoin surged over $64,000 by Saturday due to favorable news in the United States. It then reached a three-week peak above $65,100 on Monday, but things started to deteriorate thereafter.

By Wednesday, Bitcoin had lost more than $7,000, falling to $58,000. Despite a failed attempt to bounce back to $61,200 on Thursday, bearish pressure led to another drop, bringing it down to $57,750 (on Bitstamp), its lowest point in roughly two weeks.

Although the flagship cryptocurrency has managed to defend this level and recover over $1,000, it remains 0.5% lower for the day and a significant 8% down since last Saturday. Furthermore, its market capitalization has fallen below $1.170 trillion, with its dominance hovering around 54% according to CoinGecko.

Other Markets

Wall Street has revived its big-to-small trade strategy in light of Federal Reserve speculations, with a rare rally heightening expectations for a smooth economic transition. Data on US manufacturing, durable goods orders, and initial jobless claims will likely influence market sentiments further.

Concurrently, Warren Buffett has once again sold Bank of America stock, potentially signaling upcoming discreet transactions. Meanwhile, upcoming US job reports are poised to guide the Federal Reserve in fine-tuning its policies. Landlords are facing a significant $1.5 trillion deadline for commercial real estate maturities, adding financial pressure. Thyssenkrupp is set to release its annual financial results soon, with the US steel industry anticipating a revival by 2025.

In India, forecasts of ample monsoon rain next month are expected to boost crop yields. The Nigerian Naira has plunged on the parallel market due to a surge in dollar demand, while the Turkish economy is experiencing its sharpest drop in consumer inflation since 2022. As September challenges loom, the question remains whether the current momentum of gold can overcome these hurdles.