Cryptocurrency Prices on August 29: Bitcoin trades near $60,000 ahead of key US economic data
Bitcoin gained nearly 1% in the past 24 hours but remains below the $60,000 mark. The global crypto market cap increased by 0.63% to $2.1 trillion.
As of 12:09 pm IST, Bitcoin was trading at $59,724, up nearly 1%, while Ethereum rose by 3.6% to $2,557.
Investors are now focusing on the preliminary estimate of U.S. gross domestic product for the second quarter, due later in the day, and the U.S. Federal Reserve's preferred gauge of inflation—the core personal consumption expenditures (PCE) index—on Friday, for clues on the central bank's rate easing plans.
«Investors are wary of upcoming US GDP and PCE data, which could further weigh on the market. A major withdrawal of $2.6 billion worth of bitcoins from Binance raised liquidity concerns and increased market volatility, said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.
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View Details»»Bitcoin faces immediate support at $58,000, with resistance at $60,000 and $61,850. If BTC fails to hold above $58,000, it may fall further, with bearish momentum lingering below $60,270," Sathvik added.
Shivam
