Bitcoin falls back to $59k after bulls fail to sustain momentum Bitcoin falls back to $59k after bulls fail to sustain momentum
The broader US stock market mirrored the crypto market's movements, with the tech-heavy Nasdaq reversing the gains recorded earlier in the day.
2 min read
Updated: Aug. 29, 2024 at 9:33 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin (BTC) lost the momentum seen over the past day and slid below $59,000 after bulls failed to push prices past the key $61,000 price, which has previously acted as a support and resistance level.
The flagship crypto fell to a low of $58,866, erasing almost all of the 3.2% gain recorded over the past day within an hour.ย As of press time, BTC was trading at $59,200 โ roughly back where it started the brief rally earlier this week.
AI tokens worst-hit
Meanwhile, the wider crypto market experienced echoed the movements, with most suffering heavier losses than Bitcoin, which is still up 0.6% over the past 24 hours.
AI-focused cryptocurrencies led the market’s decline following a significant drop in Nvidia’s (NVDA) stock price, which fell 6.4% after the company reported its quarterly earnings. Tokens like Render (RNDR), Artificial Superintelligence Alliance (FET), and Bittensor (TAO) all experienced losses ranging from 7% to 10%
Large caps echoed Bitcoin’s movements, with Solana (SOL) and XRP recording the most significant losses for the day among the top 10. Ethereum (ETH) fell to $2,503 before bulls attempted a recovery, while SOL fell to a low of $138.5.
BNB similarly fell to a low of $530, while Toncoin (TON) remains under pressure due to recent challenges involving network disruptions and the arrest of Telegram founder and CEO Pavel Durov.
Uncertain markets
The pullback indicates continued challenges for Bitcoin bulls in pushing past key resistance levels, raising concerns about the broader market’s strength. The market’s trajectory has recorded lower highs and lower lows since March, highlighting ongoing uncertainty and volatility.
The price action suggests that the crypto market may be heading for further consolidation. Bitcoin’s quick recovery from its early August plunge below $50,000 appears to be losing steam, with the flagship crypto remaining in a downtrend since its March all-time high of $73,000.
The broader US stock market mirrored the crypto market’s movements, with the tech-heavy Nasdaq reversing earlier gains to trade 0.3% lower shortly before the close of trading. The index had been up more than 1.5% earlier in the day, reflecting similar investor uncertainty.
Mentioned in this article
Bitcoin 
Ethereum 
Solana 
BNB 
Artificial Superintelligence Alliance 
Bittensor 
Render 
XRP 
Nvidia 
Pavel Durov Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,347.73
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$246.483
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Artificial Superintelligence Alliance
$1.28548
Fetch.AI, founded in 2017 and launched on Binance in March 2019, is an innovative platform combining artificial intelligence with blockchain technology.
Bittensor
$504.025
Bittensor is an open-source protocol that powers a decentralized, blockchain-based machine learning network.
Render
$7.56815
Rendertoken is a decentralized economy of 3D assets utilizing the global network of GPU devices through its cloud rendering technology.
XRP
$1.12700
Theย XRP Ledgerย is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Nvidia
Nvidia Corporation is a multinational technology company based in Santa Clara, California, that was founded in Delaware.
Pavel Durov is the CEO and founder of Telegram, a messaging platform focused on privacy and security.
