Cryptocurrency prices on August 19: Bitcoin falls below $58,700; Altcoins trade mixed
Cryptocurrency prices showed mixed trends on Monday, with Bitcoin, BNB, Dogecoin, Cardano, and Shiba Inu trading lower, while Ethereum, Solana, XRP, Toncoin, Polkadot, and Tron traded marginally higher.
As of 1:14 pm IST, Bitcoin (BTC) was down 1.6%, trading at $58,652. In contrast, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, was up 0.5%, trading at $2,620.
«Bitcoin traded around the $58,000 level over the weekend due to uncertainty in the market, leading to a lack of buying momentum. Additionally, there has been selling pressure over the past week. Buyers are currently struggling to push and hold the price above the $60,000 level,» said Edul Patel, CEO of Mudrex. «BTC is far from key levels, and the drop in volume indicates that neither bulls nor bears are ready for a sharp move. In this scenario, BTC might trade sideways between $58,000 and $61,000 for the next few days.»
Vikram Subburaj, CEO of Giottus Crypto Platform, added, «Bitcoin continues to consolidate above $58,000 after multiple unsuccessful attempts to breach its $60,000 resistance. The market remains uncertain, although bullish indicators have started to emerge. There is a bullish crossover in Bitcoin's MACD indicator,
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