-AD-
HomeNewsUS Equities Gain Momentum, Crypto Stumbles as Bitcoin Price Wavers

US Equities Gain Momentum, Crypto Stumbles as Bitcoin Price Wavers

- Advertisement -
  • Amid Bitcoin’s price consolidation, US equity indices are making strides, closing in on the 2023 gains of the crypto market.
  • Some chart patterns suggest potential volatility for Bitcoin, with significant implications for the broader crypto market.

The cryptocurrency market, with Bitcoin at its helm, has experienced selling pressure, leading to a 2.3% decline in Bitcoin’s price over the last 24 hours. As Bitcoin’s price hovers closer to $29,000, the lackluster performance contrasts the Nasdaq 100’s progress, which has seen over 5% gains in July.

The Race Tightens Between Crypto and US Equities

These developments signify the narrowing gap between top US equity indices and the crypto market’s 2023 performance. Notably, the value increase of the leading 100 digital tokens has decelerated to 46% this year. Comparatively, the Nasdaq 100 Index of tech stocks has seen a 41% rise, propelled by burgeoning excitement around artificial intelligence products. In fact, this enthusiasm saw the tech stock index momentarily outshine the MVIS CryptoCompare Digital Assets 100 Index in June.

However, market indicators suggest that investors should tread with caution. The Bollinger bandwidth for Bitcoin’s 20-week period has contracted to its narrowest point in seven years. This tightening hints at potential volatility for Bitcoin’s movements, especially if key levels are breached. The Bollinger study is instrumental in tracking Bitcoin’s price fluctuations over time.

Compounding this, Bitcoin’s price has dipped below the consolidating range of $29,500-$30,200. Market analysts hold varied expectations for Bitcoin’s future price trajectory. According to Tony Sycamore, a market analyst at IG Australia Pty, Bitcoin’s downturn

“should extend toward $26,000/$25,000 before finding support.”

Contrastingly, Caroline Mauron, co-founder of digital-asset derivatives liquidity provider OrBit Markets, suggests limited downside risk. She cites the nearing end of the Federal Reserve’s current rate hiking cycle as a potential boost for risk assets, including cryptocurrencies.

Thus, as the crypto market endures a rocky phase, US equities, backed by AI tech stocks, have been steadily gaining ground. The unfolding scenario underscores the dynamism and unpredictability of financial markets, digital and traditional alike, highlighting the importance of informed investment strategies.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628
RELATED ARTICLES

LATEST ARTICLES