Bitcoin Continues to Struggle
A subdued week in the crypto market ended flat as token prices saw relatively little movement over the past 24 hours, with Bitcoin (BTC) continuing to struggle below $26,000 in the absence of any notable developments. Bitcoin bulls were unable to hold support at $26,000, resulting in the top crypto sliding to the next lower support level at $25,800. Bulls now look to gather reinforcements and defend against a possible move lower.
According to Kitco senior technical analyst Jim Wyckoff, September Bitcoin futures prices were slightly down in early U.S. trading. Wyckoff noted that there was not much new late in the week and that bulls are working to stabilize prices. However, the bears still have the overall near-term technical advantage, with a price downtrend line in place on the daily chart suggesting more sideways-to-lower price action in the near term.
MN Trading founder Michaël van de Poppe pointed out that Bitcoin is currently holding on to a significant level of support around $25,500 but is potentially facing a month of destruction as the top crypto has historically struggled in September. Surviving September will be crucial for Bitcoin, and if it does, it could perform well in the future.
Altcoins See Mixed Performance
The altcoin market had a mixed day, with some tokens trading in the red while others saw larger percentage gains. tomiNet (TOMI) led the gainers with a 13.62% increase, followed by FLOKI (FLOKI) with a 9.8% gain. However, Worldcoin (WLD), Flux (FLUX), and Joe (JOE) all suffered declines of roughly 7.2%.
Overall, the cryptocurrency market cap stands at $1.04 trillion, with Bitcoin’s dominance rate at 48.3%.
